Yingli Announces Delay in Repayment of Medium-Term Notes Due on May 12, 2016 and the Remaining Portion of Medium-Term Notes Due on October 13, 2015
Yingli Green Energy Holding Company Limited , one of the world’s leading solar panel manufacturers,recently announced that its subsidiary, Baoding Tianwei Yingli New Energy Company Limited (“Tianwei Yingli”), did not repay its RMB1.4 billion of medium-term notes due today (the “2011 MTNs”) or the remaining portion of its RMB1.0 billion of medium-term notes due on October 13, 2015 (the “2010 MTNs”).
To the Company’s knowledge, none of the holders of the 2011 MTNs or the 2010 MTNs or other creditors of the Company has taken any immediate action against Tianwei Yingli or the Company following Tianwei Yingli’s failure to repay the 2011 MTNs and the 2010 MTNs today. As disclosed in the Company’s press release issued yesterday, Tianwei Yingli is still in the process of actively discussing with the holders of the 2011 MTNs and the 2010 MTNs about potential extension of the repayment dates of both MTNs. The Company is exploring various alternative financing plans for repayment of both MTNs such as: 1) introduction of strategic investors to invest into the Company and the Company’s subsidiaries, 2) introduction of new creditors to grant new borrowings to the Company or the Company’s subsidiaries, and 3) sales of certain long-lived assets including land use rights to obtain additional funds.