Yingli Fails to Reach Deal to Extend Repayments Due on May 12
- Solar panel maker wants three more years to repay $220 million
- Yingli says it will be `very difficult' to pay on time
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Chinese solar-panel maker Yingli Green Energy Holding Co. said it will be “very difficult” for it to repay 1.4 billion yuan ($220 million) of notes due on May 12 and that talks so far with its creditors failed to reach a deal to extend the debt.
The company also will make its “best efforts” to repay the remaining portion of 1 billion yuan of notes, whose final installment is due by the same date, Yingli said in a statement released on PR Newswire on Wednesday. Both debts in the form of medium-term notes were borrowed by Yingli’s unit Baoding Tianwei Yingli New Energy Co.