Once one of the world’s largest solar PV manufacturers, China-based Yingli Green Energy Holding is inching ever closer to bankruptcy.
Following many months of declining financial results, and corresponding decreases to the company’s share price, Yingli Green Energy has filed with the Securities and Exchange Commission (SEC) a request to extend by fifteen days its due date for filing its fourth quarter and full-year results.
Yingli Green issued a statement last week stating that “the Company needs more time to prepare and review its consolidated financial statements as of and for the year ended December 31, 2015.” Additionally, Yingli Green is still assessing its own financial reporting and finalizing “other disclosures, including those related to the Company’s liquidity.”
The company is estimating net revenues to be down for 2015, less nearly RMB 3 billion, and gross profit is also expected to drop. Net loss for the year, however, is expected to be in the range of between RMB 5.8 billion to RMB 5.9 billion, increased from a net loss of RMB 1.3 billion 2014.
Experts are now waiting to see when Yingli will file for bankruptcy, given that any expected help from the Chinese government looks unlikely at best, now. In an email quoted by Bloomberg, Gordon Johnson, an analyst at Axiom Capital Management said that “It looks like they are not getting bailed out and they will need to file for bankruptcy.”
A year ago, the company’s share price was hovering around the $18 mark, but has since fallen constantly to sit under $4. Following news that Yingli had requested an extension to its earnings filing, the company’s shares plummeted even further, resting at $3.6.
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