Creditors Including Korea Development Bank Select Lotte and HD Hyundai as Business Restructuring Firms
Maturity Extension Also Approved
On December 16, the bond creditors of Lotte Chemical and HD Hyundai Chemical resolved to designate both companies as business restructuring firms and to extend the maturity of their debts.
The creditor group, including Korea Development Bank, approved all three proposals-designation as business restructuring firms, extension of debt maturity, and on-site due diligence-through a written resolution on the same day.
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After conducting due diligence, the creditors will review the validity of the business restructuring plans and decide on self-rescue plans for the companies and their parent companies, as well as financial support measures from the creditors. The final package plan is expected to be approved as early as February next year.
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