Sept. 5, 2002 – Seoul, Korea – Korea’s top financial regulator said it wanted a sale of Hynix Semiconductor Inc. completed by the end of this year.
“We believe selling Hynix by the end of this year is desirable,” Financial Supervisory Commission Chairman Lee Keun-young told Reuters.
The comment came after local media reported that regulators had urged Hynix creditors to sell the company before presidential elections in December by contacting US rival Micron Technology Inc.
Hynix creditors are reviewing draft reform plans presented by financial adviser Deutsche Bank AG to recoup more than six trillion won in debt after the Hynix board rejected a $3.4 billion deal to sell the company to Micron in April.
Lenders rescued Hynix from collapse twice last year and plan to discuss the new reform plan this month.
Newspapers have speculated the head of Hynix’s main creditor bank may meet officials from Micron and other chipmakers to try to rekindle the failed deal.