Creditors decide to seek sale of Hynix

SEOUL, Sept. 29 (Yonhap) -- Korea Exchange Bank (KEB), the main creditor of Hynix Semiconductor Inc., announced Monday that the lender and its joint creditors have agreed to push for the sale of the world's second-largest chip maker.

The chipmaker was put under joint supervision by creditors in October 2001, when
it was reeling from mounting debt and a faltering semiconductor business climate.
Helped by a 3.2 trillion-won (US$2.7 billion) bailout fund, Hynix cleared its
debt in July 2005.
KEB's plan to sell the chipmaker received 100-percent approval from the nine
creditors, the lender said in a statement.
"(We) expect the sales process to gain momentum after the company suffered from a
liquidity crisis seven years ago," the statement read.
The process, expected to begin next month, is scheduled to follow the selection
of the preferred bidder for shipbuilder Daewoo Shipbuilding & Marine Engineering
Co., another company under joint-creditor supervision after its parent Daewoo
Group collapsed in 2000.