Approval of adjustment of performance-related financial terms and conditions of 14 corporate bonds offered through bondholders' meeting on the 19th… Corporation approval scheduled to proceed
■ Lotte Chemical to sequentially proceed with consultations with bondholders after bondholders' meeting notice and disclosure
Lotte Group to closely communicate with main creditor banks for the purpose of strengthening credit of the relevant corporate bonds, including additional bank guarantees using Lotte World Tower
■ Stable liquidity secured by securing a total of KRW 4 trillion in available liquidity funds, including KRW 2 trillion in deposits as of October…
New and current investments are planned to improve cash flow and manage investment risks through plan adjustments
■ In line with Asset Light's strategic direction, we are pursuing the restructuring of low-efficiency businesses and the sale of non-core businesses…
Decided to liquidate Malaysian synthetic rubber production company LUSR in October and secure KRW 1.3 trillion in liquidity by utilizing shares of overseas subsidiaries
Lotte Chemical has passed the adjustment of the performance-related financial special provisions in the corporate bond management contract provisions of 14 corporate bonds.
On the 19th, at 9:00 AM, a bondholders' meeting for each corporate bond was held at Lotte World Tower in Jamsil, and it was announced that all of the corporate bonds in question were approved. After receiving court approval, the special provisions in question will be deleted.
Lotte Chemical has been sequentially negotiating with bondholders since the bondholders' meeting announcement and disclosure on November 27th, and Lotte Group has also been in close communication with the main creditor banks for the purpose of strengthening the credit of the corporate bonds in question, such as by utilizing Lotte World Tower to add bank guarantees for stabilizing the capital market.
As of October, Lotte Chemical has secured a total of 4 trillion won in available liquid funds, including 2 trillion won in deposits, and has stable liquidity, and is making every effort to improve cash flow and manage investment risks by adjusting plans for new and current investments.
In addition, new and current investments involving large cash outflows are being improved through plan adjustments, and the 'Operational Excellence' project for plant operation optimization and cost reduction is being expanded from the Yeosu plant in the first half to the Daesan plant in the second half. In addition
, in accordance with the Asset Light strategic direction, the company is promoting the restructuring of low-efficiency businesses and the sale of non-core businesses, and in October last year, it decided to liquidate LUSR, a synthetic rubber production corporation in Malaysia, and is pursuing the securing of KRW 1.3 trillion in liquidity by utilizing shares of overseas subsidiaries.