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January 18, 2008 |
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HYNIX SEMICON: Creditors Want US$4 Bln Stake Sale in First Qtr. Hynix Semiconductor Inc's creditors advised the company to begin its US$4 billion stake sale in the first quarter of this year, The Economic Times reports. Korean Exchange Bank, one of Hynix's creditors, told The Economic Times that Credit Suisse, which was picked to advise on the sale in September 2007, reported to Hynix creditors that it saw a number of potential buyers for its shares after it tested the market. Creditors own a combined 36.1% in Hynix, a stake with a market value of KRW3.9 trillion, the report relates. Korean Exchange Bank is the top single shareholder in the company with an 8.2% stake, the report notes. About Hynix Semiconductor Headquartered in Echon, South Korea, Hynix Semiconductor Inc -- http://www.hynix.com/ -- is a semiconductor manufacturer. Through a merger with LG Semiconductor in 1999, Hynix Semiconductor now has the world's largest dynamic random access memory chip production capacity as well as the industry's best technical development capacity by fully exploiting synergies resulting from the historical integration of both companies. The company has operations in Russia, and the United States. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service upgraded to Ba2 from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating and corporate family rating. At the same time, Moody's assigned a Ba2 senior unsecured bond rating for Hynix's proposed US$500 million issuance. The outlook for the ratings is stable. |
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