Just weeks after reporting its wobbly 2017 financials, and revealing that a request for arbitration has been filed for US$897.5 million in payments due from one of its long term polysilicon suppliers, Yingli has now announced that it is being squeezed for another RMB 65.7 million (around US$10.6 million).
A court in the People’s Republic of China has ruled that its subsidiary, Baoding Tianwei Yingli New Energy Company Limited must repay the remaining principle and overdue penalty of the medium-term notes (MTNs) due in October 2015, and the principle, interest and overdue penalty of the MTNs due in May 2016.
The note holder filed the original lawsuit against Tianwei Yingli in September 2017.
The RMB 65.7 million is said to represent around 3.7% of the total amount of Yingli’s 2010 and 2011 MTNs that are still outstanding. “Tianwei Yingli plans to appeal the judgment while continuing to seek a mutually beneficial solution with the Note Holder out of court,” it said in a statement released today.
On April 26, Yingli announced its 2017 financial results. They revealed a net loss of $510 million, and total liabilities of $3.2 billion or, minus the shareholder deficit, $1.6 billion. Meanwhile, it reported just $58.1 million in net cash.
The Chinese solar PV manufacturer is seeking a number of measures to hang onto its business, including the renewal or rollover of debt and the search for new investors via the special committee it announced at the start of last March.