Hynix creditors may write off more debt

Aug. 21, 2002 – Seoul, Korea – Creditors of Hynix Semiconductor Inc. may write off some of their debt exposures as part of a restructuring plan proposed by financial adviser Deutsche Bank AG, according to a Korean finance ministry official.

“A debt write-off may be one of the many solutions currently being negotiated for Hynix,” said the official.

He declined to say how much the creditors are considering, but a report said Deutsche Bank had submitted a package of proposals, which included a debt write-off of 2 trillion won, reported Dow Jones.

“My understanding is that Deutsche Bank hasn’t submitted its final draft yet and they (the creditors) are still negotiating on many proposals including a possible debt write-off,” the finance ministry official said.

Separately, an official at Korea Exchange Bank, the lead creditor bank, said that it is still in discussions with Deutsche Bank to further refine the restructuring proposal and is awaiting a final draft of the report due sometime this week.


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