BAODING, China, Oct. 18, 2019 /PRNewswire/ -- 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.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited, known as "Yingli Solar," is one of the world's leading solar module manufacturers. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and solar PV module assembly. Yingli Green Energy is headquartered in Baoding, China and has distributed more than 22 GW 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.
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