LDK spokesman Peng Shaomin was cited by Bloomburg as saying in a phone interview that the China Development Bank is leading the funding from 11 financial institutions.
The company was defaulted on a bond that matured in February 2014, Shaomin added.
More than CNY400m yuan ($64.7m) will be spent on a polysilicon project while the remaining will be used to improve its cash reserves.
Guotai Junan Securities bond analyst in Shanghai Yang Kun said, "These loans show the government is supporting the company and the industry. It’s unlikely LDK will default on other borrowings in the future."
A restructuring deal was also agreed by a majority of LDK bondholders in March following the company’s miss of a semi-annual payment in August on its CNY1.7bn ($275.2) of notes that matured 28 February.
The restructuring was agreed for a CNY1.63bn ($263.9m) senior note and for other, unspecified offshore debts.
Image: LDK Solar receives loans from China Development Bank. Photo: courtesy of Salvatore Vuono/ FreeDigitalPhotos.net.
