Dec. 27, 2002 – Seoul, Korea – Hynix Semiconductor Inc. is in negotiations with undisclosed buyers to sell its entire 47% stake in its Imagequest unit, which produces computer monitors.

“We are in negotiations to sign a MoU to sell the unit as part of the company’s restructuring plan,” Hynix said.

A Hynix spokesman declined to disclose the names of the potential buyers, reported Dow Jones.

Separately, the spokesman confirmed a local newspaper report that said Hynix is seeking a strategic alliance with STMicroelectronics N.V. in the flash-memory-chip business. He declined to elaborate.

Hynix’s flash-memory business accounts for about 2% of the company’s annual revenue. For the first nine months of this year, Hynix posted revenue of KRW2.25 trillion.

Creditors of the chipmaker are slated to vote on a restructuring plan for the company, based on a proposal by main creditor Korea Exchange Bank . Lenders will vote on a KRW1.9 trillion debt-for-equity swap and a 21:1 capital write-down Monday, according to Korea Exchange Bank.