Creditors to pump 800 bln won into troubled Hynix

SEOUL, Dec. 23 (Yonhap) -- Creditors of Hynix Semiconductor Inc. agreed Tuesday
to inject 800 billion won (US$596 million) into the world's second-largest memory
chipmaker that has been suffering from a liquidity crunch.
Under the agreement, Korea Exchange Bank (KEB) and four other creditors will
extend 500 billion won in fresh loans to Hynix in January and make an additional
300 billion won available for the company by participating in its capital
increase, KEB officials said.
The state-run Korea Development Bank will cover 350 billion won in total, while
the other creditors, including main creditor KEB, will equally share the rest.
The financial aid package comes as Hynix is hard pressed for cash because of
falling chip prices.
Hynix logged a 1.65 trillion won net loss in the July-September period, which
compares with a 168 billion won profit a year earlier.
The company is projected to report a record operating loss in the fourth quarter
as a global glut is driving down prices amid a worldwide recession, according to
market watchers.
The company said last week that it was aiming to complete the sale of its sole
U.S. factory by the end of the year in an effort to tide over a cash squeeze.
ygkim@yna.co.kr
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