May 23, 2002 – Seoul, Korea – A former financial adviser for Hynix Semiconductor Inc. said the chipmaker may resume talks with Micron Technology Inc. on asset sales, a local newspaper reported.
“New talks (between Hynix and Micron) are not excluded,” the Seoul Economic Daily quoted Salomon Smith Barney’s Vice Chairman Jeffrey Shafer as saying.
Salomon Smith Barney had spearheaded Hynix reforms by helping the chipmaker sell new equity and launch talks with Micron for asset sales until Hynix hired Deutsche Bank and Morgan Stanley Dean Witter last week as new advisers, Reuters reported.
“We are disappointed by Hynix board members’ decision (to reject the Micron deal)…but surprised that the decision was made unanimously,” the newspaper said.
Creditors, owed more than $5 billion by Hynix, are preparing to become the indebted chipmaker’s largest shareholders in June in a bid to push through sales plans the firm rejected in April and recoup part of their exposure.
Lenders are pushing for reform after Hynix scotched a $3.4 billion deal last month to sell its entire memory business to Micron.
Finance Minister Jeon Yun-churl said its was up to creditors to resolve the fate of Hynix.