Hynix creditors to lend BOE Tech $210M

Nov. 12, 2002 – Seoul, Korea – Creditor banks of Hynix Semiconductor Inc. plan to lend China’s BOE Technology Group Co. about $210 million to finance its purchase of Hynix’s FPD unit, an official from Korea Exchange Bank (KEB) said.

Korea Exchange Bank is Hynix’s lead creditor.

A previously released report said KEB plans to lend $50 million, Korea Development Bank $100 million, and Chohung Bank and Woori Bank $30 million each, reported Dow Jones.

In September, Hynix signed a preliminary agreement to sell its TFT-LCD unit to BOE for $380 million to raise cash and stay competitive in the memory-chip business. According to local reports, BOE has been asking Hynix to lower the purchase price for the unit due to a recent decline in liquid display prices.

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