Yingli Green Energy Holding Company Limited (NYSE: YGE , a global solar panel manufacturer based in China, today announced that its subsidiary, Baoding Tianwei Yingli New Energy Company Limited , did not repay its RMB1.4 billion (US $214 million)of medium-term notes due today (the “2011 MTNs”) or the remaining portion of its RMB1.0 billion (US $153 million) of medium-term notes due on October 13, 2015 (the “2010 MTNs”).
Yingli has said that to the best of their 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 last week.
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.