Creditors to give Hynix 800 bln won in financial support

SEOUL, Dec. 9 (Yonhap) -- Creditors of Hynix Semiconductor Inc. have agreed to give financial support worth 800 billion won (US$552.5 million) to the world's second-largest memory chipmaker that has been suffering from liquidity difficulties.

According to an internal report of financial authorities, five creditor banks,
including Korea Exchange Bank, recently agreed to extend fresh loans worth 500
billion won in January and invest 300 billion won in the company's capital
increase.
Hynix reported earnings of around 2 trillion won in both 2005 and 2006, but began
struggling in 2007 due to the weakened global semiconductor market.
The government has said that while Hynix is losing money, it is still relatively
healthy compared to its rivals in Taiwan. If it is able to stay afloat, it should
be in a good position to grab a bigger global market share down the road, it
added.