Struggling Chinese solar panel maker Yingli Green Energy Holding Co (英利綠色能源) is to receive about 3.3 billion yuan (US$508 million) in loans from a state bank and the government where it is based as it looks to pay off old debts and restructure operations, said a person familiar with the matter.
China Development Bank Corp (國家開發銀) is to lend 2.5 billion yuan to US-listed Yingli, while the government in the city of Baoding is to provide the remainder, according to the person, who asked not to be identified, because the discussions were private.
Yingli, once the world’s biggest solar manufacturer, had total debt of US$1.9 billion as of last year and its American Depository Receipts have fallen more than 80 percent in 12 months.
An oversupply has driven panel prices down about two-thirds since 2010, forcing some big Chinese producers, including Suntech Power Holdings Co (尚德電力) and LDK Solar Co Ltd (江西賽維), to file for bankruptcy after failing to repay debts.
The loans mark the most significant intervention by a state bank to help struggling solar companies. In 2012, LDK Solar, which in November last year announced a restructuring of its onshore operations, received local government help to pay off a portion of its debt.
Caixin magazine reported earlier that Yingli would get more than 2 billion yuan in loans from China Development Bank. As part of the move,
Yingli is to focus on its photovoltaic business, while other businesses and non-performing assets are to be sold or restructured, the person said.
China Cinda Asset Management Co (中國信達資產管理公司), a state-owned asset-management company, has been chosen to join the debt-restructuring effort, the person said.
Yingli had total debt of about US$1.9 billion at the end of the third quarter last year. The company has not reported a profit since the second quarter of 2011.
Two calls to the Baoding government’s news department went unanswered. China Development Bank did not respond to an e-mail request seeking comment. Yingli’s news department declined to comment.
Unit Baoding Tianwei Yingli New Energy Co still owes about 350 million yuan on 1 billion yuan of notes that were due on Oct. 13, last year. The company is in discussions with bondholders of 1.4 billion yuan of notes due in May.
Global solar installations are to grow by at least 20 percent this year compared with last year and Yingli is to focus on panel sales to speed up the turnover of capital as part of its efforts to repay debt, chief financial officer Wang Yiyu (王亦逾) said last month.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan