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Lotte Fine Chemical warns of losses from investment stake amid SunEdison bankruptcy alarm

Collected: 2016.04.19

Distributed: 2016.04.21

Source: Go Direct

South Korea’s chemical company Lotte Fine Chemical Co. alerted investors Monday that it may have to shoulder losses from possible default by SMP on its credit obligations. SMP is a joint venture in polysilicon production, with global renewable energy company SunEdison Inc. and related companies owning 85 percent stakes and Lotte Fine Chemical, the remaining 15 percent.

SunEdison, the largest shareholder of SMP and the world’s biggest clean-energy developer, filed for court protection from creditors, burned by global expansion that placed the company in $11.7 billion debt as of September. SMP would run into liquidity crunch if it is not repaid for the accounts receivable in polysilicon supplies from SunEdison.

Lotte Fine so far has receivables worth 34.3 billion won from SMP and deferred payment of 7.3 billion won as of the end of March. The company invested 76.2 billion won in the 15 percent stake.

It reported in a disclosure statement that it may have to reflect losses from the liquidity crisis at SMP in its first-quarter financial statement following appraisal from accountants and progress in creditors’ arrangement for SunEdison.

It assured investors its overall performance won’t be that hurt as its revenue from core sectors remains steady.

By Park Yong-beom

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