BAODING, China, April 27, 2017 /PRNewswire/ -- Yingli Green
Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy"
or the "Company"), one of the world's leading solar panel
manufacturers, today announced that, following meetings on
April 18, 2017, between its
subsidiary, Baoding Tianwei Yingli New Energy Company Limited
("Tianwei Yingli"), and the holders of Tianwei Yingli's
RMB1.4 billion of medium-term notes
due on May 12, 2016 (the "2011 MTNs")
and remaining portion (approximately RMB357
million in principal amount) of the RMB1.0 billion of medium-term notes due on
October 13, 2015 (the "2010 MTNs"),
Bank of Communications Co., Ltd. ("BoCom"), the lead underwriter of
the 2010 MTNs and 2011 MTNs, has recently announced resolutions
passed by holders of the MTNs after the meetings.
According to BoCom's announcement, resolutions passed by holders
of the MTNs mainly include the following:
- Tianwei Yingli should be asked to repay the principal and
interest of the 2011 MTNs, the remaining principal of the 2010 MTNs
and penalty for default payments under the 2011 MTNs and 2010 MTNs
as soon as possible and within three months of the meetings;
- Tianwei Yingli should be asked to formulate a repayment plan
with quarterly repayment schedules and specific repayment measures
for the 2011 MTNs and the remaining portion of the 2010 MTNs;
- Tianwei Yingli should be asked to report relevant information
to the holders of the MTNs on a periodical basis including
information on the working progress and other relevant information
of the committee formed by the financial creditors of Tianwei
Yingli, including but not limited to work schedule of such
financial creditors' committee, potential debt restructuring plan
of Tianwei Yingli or Yingli Group or any debt-to-equity swap
plan;
- The holders of the 2010 MTNs and 2011 MTNs should have the
rights to request attendance at meetings of the financial
creditors' committee to keep abreast of relevant information and
should have the rights to resort to all legal means (including
lawsuit) to protect their rights.
At the meetings, the Company reported its recent operating
conditions, the progress made with respect to the financial
creditors' committee, information relating to potential
introduction of strategic investors and liquidation of certain
assets. As the Company is considering its options with respect to
the debt repayment issues faced by the Company's principal
subsidiaries, the Company expressed its request that holders of the
MTNs should give the Company sufficient and reasonable amount of
time to raise funds in order to repay the MTNs as soon as possible.
The Company also informed the holders of the MTNs that, while it
will formulate a repayment plan as soon as possible according to
the progress of the potential debt restructuring, it may take
certain amount of time. The Company will report the proposal made
by the holders of the MTNs to the financial creditors' committee
and will respect any agreement to be reached among holders of the
MTNs, the financial creditors' committee and the lead underwriter
of the MTNs with respect to the last resolution passed by holders
of the MTNs described above. After BoCom's announcement, the
Company has continued its negotiation with the holders of the
remaining portion of 2010 MTNs and 2011 MTNs.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known
as "Yingli Solar," is one of the
world's leading solar panel manufacturers. Yingli Green Energy's
manufacturing covers the photovoltaic value chain from ingot
casting and wafering through solar cell production and PV module
assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 20
regional subsidiaries and branch offices and has distributed more
than 17GW solar panels to customers worldwide. For more
information, please visit www.yinglisolar.com and join the
conversation on Facebook, Twitter and Weibo.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target" and
similar statements. Such statements are based upon management's
current expectations and current market and operating conditions,
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond Yingli Green Energy's control,
which may cause Yingli Green Energy's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in Yingli Green
Energy's filings with the U.S. Securities and Exchange Commission.
Yingli Green Energy does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
For further information, please contact:
Eric Pan
Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
E-mail: ir@yingli.com
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SOURCE Yingli Green Energy Holding Company Limited