The Court-appointed joint provisional liquidators (the “JPLs”) of LDK Solar CO., Ltd. (“LDK Solar”) retained Bill Bowden as an expert as to matters of United States law in connection with its insolvency proceeding (the “Cayman Proceeding”) in the Grand Court of the Cayman Islands (the “Grand Court”) (FSD No. 97 of 2014 – AJJ). Mr. Bowden submitted an affidavit (the “Bowden Affidavit”) to the Grand Court, which provided independent expert evidence on Chapter 15 of the Bankruptcy Code and an assessment of the likelihood that the Delaware Bankruptcy Court would recognize the Cayman Proceeding and the proposed schemes of arrangement (the “Cayman Scheme”) in respect of LDK Solar and its wholly owned subsidiary under section 86 of the Cayman Islands Companies Law (2013 Revision), including the releases set forth therein.
On October 21, 2014, LDK Solar filed a Chapter 15 petition in the Delaware Bankruptcy Court (Case No. 14-12387). Consistent with the conclusion set forth in the Bowden Affidavit, The Honorable Peter Walsh entered orders recognizing the JPLs as foreign representatives of LDK Solar within the meaning of section 101(24) of the Bankruptcy Code, recognizing the Cayman Proceeding as a foreign main proceeding pursuant to section 1517 of the Bankruptcy Code and recognizing and granting comity to the Cayman Scheme pursuant to section 1521 of the Bankruptcy Code. The Delaware Bankruptcy Court also confirmed a Chapter 11 plan that allowed for a global restructuring involving LDK-affiliates in the United States and Hong Kong.
The Ashby & Geddes team that worked on this matter includes Bill Bowden, Rick Palacio, Amanda Herrmann and Stacy Newman.