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Yingli Green +9% as some banks agree to modify loan payments

  • Yingli Green Energy (YGE +8.7%) remains sharply higher after saying it renegotiated interest rates and maturity dates on its credit lines with some of its banks, two months after it defaulted on 1.76B yuan ($267M) in debts.
  • In an earnings conference call, CFO Yiyu Wang did not identify the lenders, saying only that they applied to both short-term and long-term facilities; he said the rate reductions are "slight" but that the move would significantly lower the company's financial burden.
  • YGE also reported better than expected Q1 earnings; gross margin was 20% vs. 11.8% in Q4 2015 and 14.1% in the year-ago quarter, Q1 PV module shipments totaled 508.1 MW vs. 504.5 MW in Q4, and the company forecasts Q2 PV module shipments of 580-620 MW.

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YGE--
Yingli Green Energy Holding Company Limited