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.
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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.