LDK Arbitration Award Upheld In Helios Solar Case $LDK
LDK Solar Co. Ltd. says the Venice Court of Appeal has declared that the international arbitration award made in London by the InternationalCourt of Arbitration in the proceedings between LDK Solar andItaly-based Helios Technology SPA is valid, effective and enforceable in Italy.
The Venice Court of Appeal upholds that the "take or pay" clause in the wafer supply contract entered into in October 2008between LDK Solar and Helios is valid and effective throughout itsduration and at terms and conditions related to quantities and pricesset forth therein. The arbitration award orders Helios to pay LDK Solarapproximately $31 million plus interest, costs for the arbitrationproceedings and lawyers’ fees.
The Venice Court of Appeal issuedthe provision after verifying that all the stipulations on theinternational arbitration are not contrary to Italian legal order andthat there are no impediments to the acceptance of the conditionsrequired for the effectiveness of the award itself, according to LDKSolar.
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