The company will further update the market when there is significant new progress.
Yingli Green Energy Holding Company Limited (OTC Pink: YGEHY) (“Yingli Green Energy” or “the Company”), one of the world’s leading solar panel manufacturers, today announced certain updates on its PRC subsidiaries’ debt restructuring.
The Company’s PRC subsidiaries recently held a meeting with their major bank creditors to discuss issues regarding the framework of their debt restructuring plan, which contemplates, among others, the conversion of the debts owed to the bank creditors by the Company’s major PRC subsidiaries into controlling equity interests in the subsidiaries, and injection of fund from potential strategic investors, as a result of which, the Company may lose all of its interests (equity or otherwise) in these subsidiaries.
The Company understands that various parties, including relevant governmental agencies, are making concerted efforts to promote the debt restructuring of the Company’s major PRC subsidiaries. Some of the potential strategic investors were identified and the details of the debt restructuring plan is being discussed among relevant parties. However, the Company and its PRC subsidiaries have not received any binding proposal from any party with respect to the debt restructuring and have not made any decision to engage in any particular transaction with respect to the debt restructuring. The Company will further update the market when there is significant new progress.