Yingli Solar is sued by a polysilicon supplier (probably Hemlock)
Cash-strapped Chinese integrated solar module producer Yingli Green Energy has announced that one of its polysilicon suppliers filed a request for arbitration of a US$897.5 million claim against the company with the London Court of International Arbitration on April 26.
The polysilicon supplier in question is obviously Hemlock Semiconductor, who has already sued a series of its customers for breaching long-term supply contracts. In 2011 Yingli concluded such a contract with Hemlock for the delivery of polysilicon from 2012 through 2020.
In December 2017 one of Yingli’s polysilicon suppliers, which is obviously Hemlock, terminated its supply contract as Yingli did not perform certain contract obligations; Hemlock claimed payments of $897.5 million.
Yingli has negotiated with Hemlock to find an amicable solution, but has not reached a mutual agreement.
Yingli recorded a net loss of $510 million in 2017 and had total liabilities of $3.2 billion at the end of 2017. The company has been on the brink of bankruptcy for at least two years now.
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