China-based, large solar manufacturers have manageable 2013 bond payments, assuming China banks
continue to roll over loan facilities. YGE and LDK have exceptionally high net debt levels of $2bb and $2.9bb, largely through China loans and bonds. LDK bonds of RMB 2189mm are due in 2014; YGE bonds of RMB 2200mm are due in 2015. YGE has $1.2bb of short term loans outstanding – at this point the company is confident of being able to roll maturities.
STP's debt was 2.2B, yet they were not too big to fail. YGE's was 2.47B and likely will be 2.6B with their
next report. Not an enviable position. No response yet from the Chinese goverment about the possibility
of cutting those subsidies to the largest players like YGE and TSL. When they don't respond to e-mails
as the author reported, you should read between the lines. Just a suggestion of course.