ReneSola Board Forms Special Committee To Consider Proposal From Xianshou Li

(RTTNews) - ReneSola Ltd (SOL) announced its board has received a preliminary non-binding proposal from Xianshou Li, the company's CEO, to acquire the company's manufacturing business (including polysilicon, solar wafer and solar module manufacturing) and LED distribution business and assume related indebtedness. The proposal is valued, net of assumed indebtedness, to be approximately negative $81 million, and contemplates that in exchange for, among other things, the assumption by Li of such indebtedness, the company would issue additional American depositary shares to Li at $4.50 per ADS. The Board has formed a special committee to consider the proposal and other alternatives available to the company.

ReneSola noted that, if the transactions contemplated by the proposal are consummated, the company's remaining businesses would be focused primarily on solar project development.