Yingli to Ask SEC for Delay in Filing 2015 Earnings Until May 16Bloomberg News
Chinese solar panel maker is in talks with creditors
Results in form 20-F were due to be filed to SEC by May 2
Yingli Green Energy Holding Co., the Chinese solar panel maker struggling to pay debts, will ask the U.S. Securities and Exchange Commission for a delay in filing of its annual earnings report until May 16.
The company needs time beyond the original deadline of May 2 to prepare its 2015 accounts, according to an official from the company’s investor relations department who asked not to be identified in line with company policy. The company will issue a statement on Friday explaining the decision, the official said.
Once the world’s biggest solar manufacturer, Yingli hasn’t reported a quarterly profit since 2011. The company in the last decade prioritized growth over profitability, borrowing to expand its factories until a plunge in the cost of solar panels forced industry layoffs and cost cuts.
Earlier this month, Yingli said it will be “very difficult” to repay 1.4 billion yuan ($216 million) of notes due May 12 and that it has yet to reach a deal with creditors to extend the debt. The company, based in Baoding, is also said to be seeking 7.5 billion yuan in loans from China Development Bank Corp. to restructure and pay off debts.
A reporting delay would be Yingli’s second missed deadline in two years. While it released earnings on time last year on March 25, it delayed submission of its 20-F form containing more detailed financial reports until May 15. Yingli filed its 20-F on time in 2013 and 2014 then asked for a delay last year, according to filings at the SEC. Yingli hasn’t yet released any earnings statement covering the fourth quarter and full year in 2015.
Trina Solar Ltd. has surpassed Yingli as the industry’s leading manufacturer. An oversupply of solar panels has cut prices by almost 70 percent since 2010 and raised pressure on producers that have struggled financially.
— With assistance by Feifei Shen