Struggling Silicon Module Super League (SMSL) member Yingli Green has said its holding subsidiary, Baoding Tianwei Yingli New Energy has paid around 70% of its mid-term bond.
The company had previously said the five-year unsecured notes totalling US$157 million would be partially paid on time but the sale of land held by another subsidiary, Fine Silicon would not receive the full proceeds of the sale for around one year.
The company has therefore still defaulted on the bond and reiterates Yingli Green’s dire financial position as its liquidity position remains critical.
The company had previously reported a net loss of US$96.5 million in the second quarter of 2015, compared to a net loss of US$58.6 million in the previous quarter.
Yingli Green had racked-up losses of more than US$1 billion in recent years and debts of over US$2 billion, forcing the company to announce a going concern warning in its 2014 annual report and had only US$92.7 million in cash and cash equivalents.
Despite the dire financial position of the company, management have not announced any major restructuring plans and have been forced to provide module tolling services to major rivals as it cut shipment guidance by over 1GW.