Hynix creditors to invite bids for stake sale

SEOUL, Sept. 7 (Yonhap) -- Creditors of Hynix Semiconductor Inc. will invite bids
for a major stake in the world's No. 2 memory chip maker and receive letters of
interest (LOI) from strategic investors this week, credit bank officials said
Monday.

Korea Exchange Bank (KEB), the main creditor of Hynix Semiconductor Inc., said
that managers for the sale of the chip maker are set to send out invitational
notices on the sale of a combined 28-percent stake in the company. The
invitations were made only to South Korean companies, they said.
The stake sale, which is estimated to be worth 4.5 trillion won (US$3.65
billion), is being managed by Credit Suisse Ltd., Woori Investment & Securities
Co. and state-run Korea Development Bank.
Four to five domestic companies have already expressed their intent to invest in
Hynix, according to the officials at KEB.
The creditors plan to pick a preferred bidder within the year, they said.
Shares of Hynix were trading at 21,400 won as of 11:45 a.m., up 2.88 percent from
the previous session.
The company reported a seventh-straight quarterly loss of 58 billion won in the
second quarter, compared with a 711 billion won deficit a year earlier. Some
analysts expect it will turn to black in the third quarter due to a market
recovery.
ygkim@yna.co.kr
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