Chinese solar panel manufacturer Yingli Green Energy Holding Co.’s subsidiary Baoding Tianwei Yingli New Energy Co. plans to restructure the repayment plan for US$157 million of mid-term notes due on October 13, 2015.
The MTNs were issued by Tianwei Yingli as five-year unsecured notes. Yingli expects to receive approximately US$138 million as compensation from the liquidation of idle land and demolition of facilities held by Fine Silicon, one of its wholly-owned subsidiaries.
Yingli said it believes it will be able to collect a substantial amount of the compensation to partially repay the MTNs before the end of 2015. The remaining amount of the MTNs is expected to be repaid within one year, and will be collected from various financing sources, including the Company’s collection of accounts receivables.
“The company has established good will with our major notes-holders through the successful repayment of our mid-term notes due this May, which amounted to US$188 million, and we are closely communicating with the notes-holders again around this revised repayment plan,” said Yiyu Wang, Chief Financial Officer of Yingli Green Energy.
