Creditors to accept fresh bids for Hynix stake starting this week

By Lee Youkyung
SEOUL, Dec. 20 (Yonhap) -- Creditors of Hynix Semiconductor Inc. will restart the
bidding process for a $3.04 billion stake in the chipmaker, accepting letters of
intent from this week through January, bank officials said Sunday.
The previous attempt to sell the stake fell through as Hyosung Group, the sole
bidder for a 28.07 percent stake in Hynix, dropped its bid in November.
Korea Exchange Bank (KEB), the firm's main creditor, said the creditors will open
invitations for the sale of all or some of the stake to South Korean companies
between Monday and Jan. 29, 2010.
"This is the right time for acquiring Hynix," a KEB official said in an emailed
statement. "We are expecting that many local firms that can maximize synergies by
acquiring Hynix will participate in the process."
The stake is estimated to be worth 3.58 trillion won (US$3.04 billion). Shares of
Hynix closed at 21,650 won on Friday, up 2.61 percent from the previous session.

The world's second-largest maker of computer memory chips was put under joint
supervision by the creditors in October 2001, when it faced a credit crunch amid
a faltering semiconductor business climate.
Starting in 2001 and up to 2002, KEB and other creditors injected US$4.6 billion
to bail out Hynix by swapping the chipmaker's debts to stocks.
Hynix ended its debt workout program in May 2005, after the company raised $1.25
billion to pay off its debt. The creditors have retained a controlling stake
since then, selling only a portion of what they held.
ylee@yna.co.kr
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