(Bloomberg) — Yingli Green Energy Holding Co. said
Wednesday that its holding subsidiary, Baoding Tianwei Yingli
New Energy Co., known as Tianwei Yingli, plans to restructure
the repayment plan for $157 million of mid-term notes due on
Oct. 13.
The notes were issued by Tianwei Yingli as five-year
unsecured notes, according to a statement by Yingli today.
The Chinese solar-panel maker expects to receive about $138
million from the liquidation of idle land and demolition of
facilities held by one of its wholly-owned subsidiaries,
according to the statement.
Yingli will be able to collect a substantial amount of the
$138 million to partially repay the notes before year’s end, the
company said. The remainder of the mid-term notes are expected
to be repaid within a year.
Earlier this month, Yingli reported second-quarter revenue
of $438 million, missing the average estimate of $522 million
among four analysts surveyed by Bloomberg, and said that 2015
shipments will be at least 22 percent below its previous
forecast. The company also said it will write down the value of
its assets and record a “significant” charge in the third
quarter.
Baoding, China-based Yingli Green Energy’s American
depositary receipts have lost 86 percent of its market value
since Jan. 1.
Yingli was among dozens of Chinese companies that flooded
into the solar business over the past decade. The influx helped
push panel prices down more than two-thirds since 2010. It also
led to a global oversupply that pushed at least 30 companies in
bankruptcy. While the survivors have mostly returned to
profitability, Yingli has been hamstrung by debt.
To contact the reporter on this story:
Chisaki Watanabe in Tokyo at
cwatanabe5@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Iain Wilson, Abhay Singh