Yingli Green Says Some Banks Agree to Modify Loan Payments
- Chinese solar company remains in talks over defaulted notes
- Yingli reported its first profitable quarter since 2011
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Yingli Green Energy Holding Co., the Chinese solar manufacturer that defaulted on 1.76 billion yuan ($267 million) in bond payments, said some of its banks have agreed to modify terms on its credit lines. Its American depositary receipts surged.
Yingli, which also reported its first quarterly profit in five years on Tuesday, said its discussions with creditors have reduced interest rates and extended maturity dates with several of its lenders. Chief Financial Officer Yiyu Wang didn’t identify the lenders, saying on a conference call only that they applied to both short- and long-term facilities.