Yingli Secured 260 MW Order with Debt Restructuring Going Forward

PVTIME - After receiving over 100 MW overseas orders last month, Yingli
Green Energy Holding Company Limited ("Yingli") (OTC Pink:
YGEHY) has recently signed an agreement with a state-owned enterprise to
supply 260 MW high-efficiency solar panels for the Zhangbei Internet Plus Smart
Energy Demonstration Project, located in National Renewable Energy
Demonstration Zone in Zhangjiakou City, Hebei Province.
This is a new demonstration that customers' confidence in Yingli is gradually
recovering with its debt restructuring going forward.

Since entering the implementation phase in 2019, Yingli's
debt restructuring has progressed remarkably. The restructuring plan has
been recognized by all stakeholders including creditors, the governments,
the court and several detailed working arrangements have been introduced. All
parties are working hard to proceed with the judicial process. Within the
judicial process, the company will cooperate with the court and administrator
in accordance with the law to ensure the normal operation of the company. The
principles of the debt restructuring are protecting creditors interests to the
greatest extent and promoting the company' long term sustainable development
based on marketization and rule of law. The core contents of the restructuring
plan include the conversion of majority of financial debts of its major PRC
subsidiaries into controlling equity interests in the subsidiaries, fully and
orderly repayment of parts of financial debts and other payables, and the fund
injection by local government-owned platform through the disposition of the
company's certain land use rights to protect creditors' interests. In addition,
the company and the restructuring working group also made in-depth contact with
several potential industry investors, who showed strong interest to involve in
Yingli's debt restructuring and had completed preliminary works such as due
diligence.

The restructured new Yingli will return to healthy
development as its debt ratio is expected to drop to the industry's optimal
level, and its cash flow will also be greatly improved. The new Yingli will
continue to improve the research and development and manufacturing. On the
basis of maintaining a moderate scale, it will stick to high-quality
development by developing extensive cooperation with all partners, promoting
technological upgrades, and enhancing product competitiveness. It will also
continue to innovate business models, improve profitability and profitability,
and further increase market development.

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