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Yingli warns shareholders they could be wiped out

Jul 16, 2020

The Chinese court charged with appointing an administrator to restructure solar manfacturer Yingli has decided to package the six Yingli companies concerned into one administration, according to a document filed with the U.S. Securities and Exchange Commission (SEC) today.

Yingli Energy (China) Co. Ltd; Baoding Tianwei Yingli New Energy Resources Co. Ltd; and Yingli China subsidiaries Hainan Yingli New Energy Resources Co. Ltd; Tianjin Yingli New Energy Resources Co. Ltd; Hengshui Yingli New Energy Resources Co. Ltd; and Lixian Yingli New Energy Resources Co. Ltd will be treated as one package by the administrator appointed by the Baoding Municipal Intermediate People’s Court in Hebei province.

Announcing the court had agreed to demands from Yingli creditors to appoint an administrator last month, Yingli said the core contents of its restructuring plan were “the conversion of a significant portion of the financial debts of Yingli’s major PRC subsidiaries into controlling equity interests in the subsidiaries, full and orderly repayment of parts of financial debts and other payables, and fund injection [from] third-party platforms,” hinting at the break-up of the business.

The SEC filing published today by the OTC Markets Group-listed company, stated: “Yingli Green Energy, the ultimate parent company of those six companies, cannot assure that any proposed debt restructuring plan will leave any value for its shareholders and will further update the market when there is significant new progress.”


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