NEW YORK (AP) — LDK Solar was delisted from the New York Stock Exchange on Monday after struggling for years with plunging prices for photovoltaic technology.
The U.S. has long complained about a flood of solar panels and other products from China, which heavily subsidized the industry. In May 2012, the Commerce Department in a preliminary ruling said that Chinese producers sold solar cells and panels below fair price.
In November, a U.S. trade panel upheld tariffs of up to 250 percent on imports of Chinese solar panels after an investigation concluded Beijing was improperly subsidizing exports and hurting jobs abroad.
Beijing has recently signaled that it will no longer prop up solar companies that get into financial trouble as it aggressively attempts to reduce excess production capacity amid stagnant prices across multiple industries.
The NYSE announced Friday that LDK’s status was under review after the company announced a new restructuring and financing agreement. By Monday, officials with the exchange said that it had determined LDK was no longer suitable for listing based on “abnormally low” prices for the shares.
LDK shares have been falling for years and by February, were trading below $1.
The company said on Friday that it had approval from investors to move forward in talks with liquidators in the Cayman Islands.
A representative for LDK could not be reached immediately for comment.
While Chinese solar companies can still get financing from state-run banks, the industry is under considerable strain.
The industry has piled up billions in debt, reported millions in losses and last year the largest subsidiary of Suntech Power, once a behemoth in China, was forced into bankruptcy protection.
- solar panels
- New York Stock Exchange
- solar cells