June 26, 2002 – Seoul, Korea – Hynix Semiconductor Inc. creditors are expected to name a new board this week hoping to revive the chipmaker after its shares closed at a record low on Wednesday, June 26.

“They are likely to be named before the board meeting,” said an official at creditor Korea Exchange Bank, referring to a meeting on July 2.

Hynix union officials, who are wary of changes to the board, were set to meet Korea’s top regulator Lee Keun-young later in the day and Finance Minister Jeon Yun-churl on Thursday to discuss the issue, reported Reuters.

“The board will convene on Tuesday ahead of the shareholders’ meeting scheduled for July 24,” Hynix spokeswoman Kang In-young said.

Hynix is in the hands of creditors who hold an 80.65% stake and hope to sell operations to recover more than $5 billion owed to them.

The current board rejected the Micron offer vowing instead to sell non-core assets and keep the world’s third-largest memory chipmaker in operation. But little progress has been made and Hynix’s non-core assets are not expected to generate enough to repay creditors, meaning creditors will likely remount efforts to sell Hynix’s core memory business to Micron or another rival.