Shin Dong-bin, Chairman of Lotte Group (Photo = Lotte)

 

 

[Alpha Biz= Reporter Kim Jisun] Amid concerns over its liquidity following a sharp stock price drop due to unverified rumors spreading through messenger platforms, Lotte Group has firmly denied any financial troubles, citing over 71 trillion won in accessible assets.

On November 21, Lotte Group released an explanatory statement, clarifying that it holds 71.4 trillion won in real estate and readily available deposits, ensuring robust liquidity.

The group stated, "As of last month, Lotte's total assets amount to 139 trillion won, with stock holdings valued at 37.5 trillion won. The group’s real estate assets are valued at 56 trillion won based on last month’s appraisals, and it also maintains 15.4 trillion won in immediately usable deposits, reflecting stable liquidity."

Regarding concerns tied to Lotte Chemical's corporate bonds, the company acknowledged the issue stemmed from weakened profitability due to a downturn in the petrochemical industry. However, it reassured stakeholders of sufficient liquidity.

Lotte added that problematic clauses had been removed from recently issued bonds and that Lotte Chemical is actively negotiating with bondholders. "As of last month, Lotte Chemical secured 4 trillion won in available liquidity, including 2 trillion won in cash deposits, ensuring smooth repayment of bond principal and interest. A bondholder meeting will be announced next week, with the meeting expected to take place next month to revise the special provisions," the group emphasized.

 

 

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