Yingli Says Noteholders Want Guarantees to Extend Maturity
- Penalties for defaulting on note add 7.6% annual interest
- Yingli pressed for more details on its refinancing plan
This article is for subscribers only.
Yingli Green Energy Holding Co., the Chinese solar panel maker that missed payments on 1.76 billion yuan ($260 million) in debt in May, said creditors are demanding additional guarantees on the debt in exchange for stretching out payments.
Owners of more than half of the Yingli notes issued in 2010 and 2011 agreed to extend to March 2017 the deadline for Yingli to pay back securities, which were due on May 12, according to a statement posted Tuesday to the website of ChinaBond, the nation’s debt clearing house.