April 18, 2013 / 7:36 AM / in 5 years

Debt-heavy LDK Solar posts seventh straight quarterly loss

April 18 (Reuters) - Chinese solar panel maker LDK Solar Co Ltd on Thursday reported its seventh straight quarterly loss, showing the impact of a prolonged slump in the solar sector.

LDK’s net loss narrowed to $517 million, or $3.68 cents per American Depositary Share (ADS), in the fourth quarter from $588.7 million, or $4.63 per ADS, a year earlier.

LDK partially defaulted on a $24 million bond due on Monday, almost a month after rival Suntech Power Holdings Co Ltd defaulted on $541 million in bonds due March 15.

Chinese solar companies piled on debt over the past two years to expand manufacturing operations, eventually leading to a glut that sent panel prices down sharply.

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