MagnaChip exits bankruptcy in U.S.

SEOUL, Nov. 7 (Yonhap) -- South Korean chipmaker MagnaChip Semiconductor said
Saturday it has emerged from bankruptcy protection in the United States as it was
acquired by U.S. funds managed by Avenue Capital Management.

The exit came about five months after MagnaChip's U.S. parent filed for
bankruptcy amid falling revenue.
In a statement, MagnaChip Chief Executive Officer Park Sang-ho said the company
is "financially robust and ready to continue executing our growth plan."
MagnaChip was acquired by a unit of Citigroup Inc. in 2004 after spinning off
from Hynix Semiconductor Inc.
(EN