Yingli Said to Get 3.3 Billion Yuan in Loans Amid Restructuring
- China Development Bank to extend about 2.5 billion yuan loan
- Yingli to sell off some businesses and focus on photovoltaics
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Struggling Chinese solar-panel maker Yingli Green Energy Holding Co. will get about 3.3 billion yuan ($508 million) in loans from a state bank and the government where it’s based as it looks to pay off old debts and restructure operations, said a person familiar with the matter.
China Development Bank Corp. will lend 2.5 billion yuan to U.S.-listed Yingli, while the government in the city of Baoding will provide the remainder, according to the person, who asked not to be identified because the discussions were private. Yingli, once the world’s biggest solar manufacturer, had total debt of $1.9 billion as of last year and its American Depository Receipts have fallen more than 80 percent in 12 months.