$国藏集团(00559)$ Solar Power : SPI Solar Enters into Settlement and Mutual Release with LDK Solar International Company Limited
01/01/2015 | 12:04pm US/Eastern

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Solar Power, Inc. (“SPI”) (SOPW), a vertically-integrated photovoltaic (“PV”) developer, today announced that it has entered into a Settlement and Mutual Release with LDK Solar International Company Limited (“LDK HK”), pursuant to which LDK HK agreed to release and discharge SPI from all actions, claims, demands, damages, obligations, liabilities, controversies and executions arising out of SPI's payables to LDK HK and its subsidiaries, in exchange for an aggregate settlement amount of $11,000,000 (the “settlement arrangement”).

Pursuant to the Settlement and Mutual Release, the $11,000,000 will be paid in installments before December 31, 2016 in accordance with a certain agreed schedule (which may be extended upon mutual agreement). LDK HK is entitled to revoke the settlement arrangement if payment of any said installment is in default for more than 30 days.

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