Lotte Group denies liquidity crisis rumors to calm bond holders

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The story "Lotte Group denies liquidity crisis rumors to calm bond holders" was covered 4 days ago by Korea Economic Daily, a news publisher based in South Korea.

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Lotte Group denies liquidity crisis rumors to calm bond holders - Korea Economic Daily

Quick Summary:

The filing was made in response to the Financial Supervisory Service’s request to clarify a local media report last month that Lotte Chemical will raise 1.4 trillion won through its subsidiaries in the US and Indonesia.“Lotte Group keeps liquidity at a stable level and is working on asset efficiency.

Lotte Group on Thursday denied liquidity crisis rumors sparked by Lotte Chemical Corp.'s struggle to meet a bond redemption request after the South Korean petrochemical unit faced widening losses over the past few years.

It is also working on selling off a stake in PT Lotte Chemical Indonesia to raise about 700 billion won.“We plan to raise money by utilizing our stake in Lotte Chemical Indonesia, but its detailed terms and conditions have not yet been fixed,” it said in a regulatory filing on Friday.