UPDATE 2-LDK Solar says will miss debt payment; shares down

Tue Aug 27, 2013 11:12am EDT
 
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* LDK's cash levels more than halve in 2nd qtr from 1st qtr

* Says does not have enough cash to make interest payment

* 2nd-quarter loss $0.97/ADS vs $2/ADS year ago

* Sees 3rd-qtr revenue, shipments higher than 2nd qtr

* Shares down 14 pct

By Swetha Gopinath and Garima Goel

Aug 27 (Reuters) - China-based LDK Solar Co Ltd's cash levels dwindled to their lowest in nearly four years and the debt-laden company said it would be unable to meet a debt payment due on Wednesday.

It will be the second time this year that LDK has failed to make a debt payment. The company partially defaulted on a $24 million bond in April, citing a temporary cash flow shortage.

LDK shares were down 14 percent at $1.49 in morning trading on the New York Stock Exchange.   Continued...