Lotte Group Offers Lotte World Tower as Collateral for Lotte Chemical’s Corporate Bonds.

Seoul: Lotte Group, one of South Korea's largest conglomerates, announced its decision to provide Lotte World Tower in central Seoul as additional collateral for the corporate bonds of its financially-strapped chemical unit. This move comes amidst circulating rumors suggesting a potential liquidity crisis within Lotte due to the challenges faced by Lotte Chemical Corp. amid a downturn in the petrochemical industry.According to Yonhap News Agency, Lotte has dismissed these rumors, asserting that Lotte Chemical possesses sufficient liquidity to repay the principals of its corporate bonds. The company aims to alleviate concerns by securing the bonds with Lotte World Tower, a prominent landmark and symbol of Lotte's business empire.The image of Lotte World Tower, provided by Lotte Property and Development, was released on February 22, 2024, to accompany the announcement. Lotte Group continues to assure stakeholders of its financial stability and commitment to supporting its business units during challenging t imes.