Chinese Solar Company May Default as Xi Makes Emissions Push
- Baoding Tianwei Yingli says it may not pay bonds due Oct. 13
- Yield on notes near record high as firm seeks to raise cash
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A Chinese maker of solar components may become the nation’s next company to default on bonds, highlighting industry challenges as President Xi Jinping pushes to cut global-warming emissions.
Baoding Tianwei Yingli New Energy Resources Co., whose majority holder was until last year the world’s biggest panel company by shipments, said there’s uncertainty if it can repay 1.057 billion yuan ($166 million) of bond principal and interest due Oct. 13 after suffering losses. The firm, based in the northern province of Hebei, is still trying to raise money, according to a statement posted on the Chinamoney website Tuesday.