Aug. 19, 2002 – Seoul, Korea – Creditors of Hynix Semiconductor Inc. may swap more debt into equity as part of their restructuring initiatives.
“A debt-for-equity swap may be included in the restructuring package,” said a creditor official at Korea Exchange Bank.
The official declined to comment on how much, if any, creditors plan to swap, saying they are still in negotiations with Deutsche Bank AG, reported Dow Jones. Deutsche Bank will likely finalize details of its report by the end of this week.
Online news provider edaily reported that Hynix creditors will likely swap an additional one trillion won ($1=1194.5 won) of debt into equity in order to improve the company’s financial position since there aren’t any attractive buyers for the company.