Yingli announces public recruitment of investors and consolidation of six entities' restructuring

BAODING, China, July 16, 2020 /PRNewswire/ -- Yingli Green Energy Holding Company Limited (OTC Pink: YGEHY) ("Yingli Green Energy" or "the Company"), was informed that Baoding Municipal Intermediate People's Court in Hebei Province, China, has ruled that the restructuring of Yingli Energy (China) Co., Ltd. ("Yingli China"), Baoding Tianwei Yingli New Energy Resources Co., Ltd., a holding subsidiary of the Company, and Yingli China's subsidiaries (Hainan Yingli New Energy Resources Co., Ltd. Tianjin Yingli New Energy Resources Co., Ltd. Hengshui Yingli New Energy Resources Co., Ltd. Lixian Yingli New Energy Resources Co., Ltd.) should be consolidated as one restructuring case. This means all Yingli's manufacturing entities will be considered as a whole package during the restructuring, instead of being split off.

The consolidation will help Yingli to maintain its manufacturing capacity, brand value, utilize sales and purchasing channels and maximize the creditor's right. At the same time, with release of the notice to recruit investors, there is a good chance that strategic investors will soon be introduced to further improve Yingli's assets and cash position and enhance competitive advantages. Yingli will continue production and operations to meet customer orders and its product warranty obligations during restructuring period.

As a global leading solar manufacture, Yingli owns five national level R&D platforms and strong capabilities, serving customers with global presence. The restructuring plan will follow the principles of marketization and rule of law. The core contents of the restructuring plan include the conversion of a significant portion of the financial debts of Yingli's major PRC subsidiaries into controlling equity interests in the subsidiaries, full and orderly repayment of parts of financial debts and other payables, and fund injection of third-party platforms. It is expected that with the completion of its debt restructuring, Yingli's assets and cash position will be significantly improved.

SOURCE Yingli Green Energy Holding Company Limited