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BAODING, China, June 10, 2020 /PRNewswire=KYODO JBN/ --

On June 9 EST, photovoltaic enterprise Yingli Green Energy Holding Co., Ltd.

("Yingli") (OTC Pink: YGEHY) announced that Baoding Municipal Intermediate

People's Court has officially accepted the restructuring application of its

subsidiary in China, namely, Yingli Energy (China) Co., Ltd. This means that

the debt restructuring efforts over the last five years have officially entered

the judicial restructuring phase. An administrator has been appointed to

oversee the restructuring work, and it is expected that in the following

months, a restructuring implementation plan will be formulated and binding

through judicial decision. According to legal professionals, the initiation of

the judicial process is essential to facilitate the effective implementation of

the restructuring plan.

"With the joint efforts of relevant departments and major creditor banks, the

direction and specific plans for the restructuring have been basically

determined," said Yiyu Wang, CFO of Yingli Green Energy. Pre-restructuring

stage tasks have been completed, such as the assessment, auditing, and the

formulation and improvement of the restructuring plan. Creditors have reached a

consensus that the restructuring plan will follow the principles of

marketization and rule of law. The core contents of the restructuring plan

include the conversion of a significant portion of the financial debts of

Yingli's major PRC subsidiaries into controlling equity interests in the

subsidiaries, full and orderly repayment of parts of financial debts and other

payables, and fund injection of third-party platforms. Besides, there is a good

chance that strategic investors will soon be introduced to further improve

assets and cash position and enhance competitive advantages.

In order to promote a smooth restructuring, Yingli will actively cooperate with

the court and the administrator in accordance with the law, fulfill its

obligations, protect the legitimate rights and interests of all parties and

communicate with related parties. Meanwhile, Yingli will also maintain regular

production and operations and continue to undertake the existing orders and

warranties of the subject of restructuring. The performance of labor contracts

and salaries and benefits of employee will not be affected, and the legal

rights and interests of suppliers and customers will be protected.

It is expected that after entering the restructuring period, Yingli will focus

on the implementation of the restructuring plan, as well as the innovation of

its business operations model, the optimization of capacity distribution, the

upgrading of facility production lines, and the release of advanced technology

reserves. The newly restructured Yingli will return to healthy development as

its debt ratio is expected to drop to a medium or low level in the industry,

and its cash flow will be greatly improved. Additionally, technological

leadership and product competitiveness will be further enhanced to improve the

stability and competitiveness of the industrial supply chain.

SOURCE: Yingli Green Energy Holding Company Limited