NEW YORK (TheStreet) -- Shares of Yingli Green Energy (YGE) are jumping 7.53% to $4.57 on heavy trading volume late Tuesday morning after the Chinese solar panel maker reached deals with lenders to modify loan agreements after it defaulted on 1.76 billion yuan ($267 million) in debts in April, Bloomberg reports.

Yingli has renegotiated interest rates and maturity dates with a number of banks, CFO Yiyu Wang said.

Wang said the interest rate reductions are "slight" but said the move would significantly lower the company's financial burden.

Yingli heavily borrowed as it expanded to be the world's largest solar manufacturer, one of many Chinese suppliers that flooded the market with low-cost solar panels, Bloomberg said.

Additionally, Yingli reported its first quarterly profit since the 2011 third quarter earlier this morning.

For the 2016 first quarter, the company posted net income of 79.6 million yuan, or $12.3 million, vs. a net loss of 363 million yuan last year.

Revenue for the quarter was $364.6 million, above analysts' expectations of $353.98 million.

About 2.06 million of the company's shares changed hands so far today compared to its average 30-day volume of 162,556 shares per day.

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