Monday, April 6, 2009

Big news out of Applied Materials!

Applied Materials says value of solar order cut.

'Applied Materials Inc (AMAT.O) said on Monday the value of a sales agreement to supply solar production equipment to a private buyer has been slashed to $250 million from $1.9 billion due a worsening global economy.'

This is almost certainly in relation to AMAT's deal with Best Solar out of China. If so, this dramatically reduces the risk to Mr. Peng of default on this deal, for which he put up a large number of his personal shares of LDK as collateral.

Kudos to ibcnu2nite of Yahoo for the find!

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