Yingli unit withdraws appeal to court ruling on overdue notes

Image via Flickr/Joe Gratz (CC0 1.0)

October 24 (Renewables Now) - Baoding Tianwei Yingli New Energy Co Ltd has recently withdrawn its appeal to a Chinese court’s first-instance judgment that the firm should repay principle, related interest and overdue penalty of certain medium-term notes (MTNs).

Chinese solar photovoltaics (PV) maker Yingli Green Energy Holding Co Ltd (OTCMKTS:YGEHY), the debt-laden parent of Tianwei Yingli, said in a statement that the firm plans to continue to communicate with the holder of the overdue notes regarding a feasible payment scheme that would satisfy the court ruling.

In May, Yingli Green announced that a Chinese court had ordered the company’s subsidiary to pay back the principle, related interest and overdue penalty of the MTNs due October 13, 2015 and May 12, 2016 issued by Tianwei Yingli. Those particular notes represent about 3.7% of the total amount of MTNs still outstanding. Their principal amount is CNY 65.7 million (USD 9.5m/EUR 8.3m).

The unnamed noteholder filed a lawsuit against the company last year in order to recover the amounts.

Yingli Green was delisted from the New York Stock Exchange (NYSE) over the summer.

(CNY 1.0 = USD 0.144/EUR 0.126)

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