Creditors of S.Korea's Hynix sell 813 million dollar stake

Mar 16, 2010

Creditors of South Korea's Hynix Semiconductor said Tuesday they had raised 923.2 billion won (813.5 million dollars) by selling a 6.67 percent stake in the world's second-largest memory chipmaker.

The block trade on Monday lowered their combined stake in the ailing firm to 21.4 percent, making it easier to find a new buyer, the main creditor said.

The Korea Exchange Bank said in a statement the creditors sold 39.28 million shares at 23,500 won a share, the top end of the trading range Monday, to domestic and overseas institutional investors.

"The trade will reduce the burden of taking over Hynix in the future," it said. "We expect the merger and acquisition process to go smoothly to find a new owner for Hynix in the future."

Yonhap news agency has said creditors want to cut their combined stake to 15 percent this year.

The creditors have repeatedly failed to find a buyer for a major stake in the chipmaker, with South Korea's Hyosung Group dropping its bid last November.

have controlled Hynix since they rescued it with 4.6 billion dollars in 2001 and 2002, swapping the debt for shares.

Rising memory chip prices led Hynix to post two straight quarters of in the second half of 2009 after seven consecutive quarterly losses.

Explore further: WhatsApp says it now has half billion users

add to favorites email to friend print save as pdf

Related Stories

SKorea's Hyosung group bids for Hynix: report

Sep 22, 2009

A minor business conglomerate in South Korea looks set to buy a major stake in the world's second biggest memory chip maker after becoming the only firm to submit a bid, a report said Tuesday.

Hynix reports sixth straight quarterly loss

Apr 24, 2009

South Korea's Hynix Semiconductor, the world's second-largest computer memory chipmaker, Friday reported a sixth straight quarterly loss due to weak chip prices sparked by a global recession.

SKorea's Hynix finally swings to profit

Oct 23, 2009

South Korea's Hynix Semiconductor, the world's second largest memory chip maker, Friday announced a profit for the third quarter after seven straight quarters of losses.

SKorea's Hynix swings to profit as chip industry recovers

Jan 21, 2010

South Korea's Hynix Semiconductor said Thursday it swung to a net profit in the fourth quarter, following a loss in the period the year earlier, in a further sign that the global chip industry is recovering from a two-year ...

Recommended for you

LinkedIn to anchor new San Francisco high-rise

7 hours ago

San Francisco Mayor Ed Lee says the professional networking site LinkedIn will expand its presence in the city by anchoring a high-rise office building under construction.

Comcast 1Q earns beat Street on upbeat NBC result

Apr 22, 2014

Comcast's first-quarter net income rose by nearly a third as ad revenue surged at broadcast network NBC, helped by the Winter Olympics in Sochi and Jimmy Fallon's elevation as host of "The Tonight Show."

User comments : 0

More news stories

Jacket works like a mobile phone

A fire is raging in a large building and the fire leader is sending a message to all firefighters at the scene. But they don't need a mobile phone – they simply check their jacket sleeves and read the message ...

Is nuclear power the only way to avoid geoengineering?

"I think one can argue that if we were to follow a strong nuclear energy pathway—as well as doing everything else that we can—then we can solve the climate problem without doing geoengineering." So says Tom Wigley, one ...