Struggling PV module manufacturer Yingli Green Energy has revealed that its main manufacturing and sales subsidiary has entered court-appointed administration to restructure its debt obligations.
Baoding Municipal Intermediate People’s Court in Hebei Province, China, accepted a petition of some of Yingli Energy (China) Co’s creditors to restructure its debt obligations, while continuing production and business operations to meet customer orders and its product warranty obligations.
No timelines were given for the restructuring process, but Yingli Green Energy said that an administrator has been appointed. It is expected that a restructuring implementation plan will be formulated and binding through judicial decision in “the following months,” the firm added.
The company is still seeking strategic investors.