Memory maker Hynix plans to cut spending on a fab in South Korea and will delay a $260 million investment in its Chinese joint venture with Numonyx B.V.

''Hynix would also delay a planned $260 million investment in its Chinese plant, run jointly with Numonyx, to 2009 from 2008,'' according to the report. Numonyx and Hynix are the partners in the Wuxi, China fab. The fab venture is majority owned by Hynix.

The move follows a series of problems at Hynix, which is suffering due to the memory downturn. Micron, Qimonda, Toshiba and even Samsung are also suffering.

Seeking to cut costs amid a deep memory downturn, Hynix in December said it would slash its workforce and trim executive salaries, according to reports. The company is also cutting its DRAM production by 20-30 percent. And it is selling the equipment from its shuttered fab in Oregon to rash cash.

To maintain its operations in the form of a rescue package, Hynix this week said it will obtain 800 billion won ($598 million) in bank loans from its shareholders.

Hynix is not the only company in trouble. Memory rival Micron Technology Inc. this week reported a net loss of $706 million, or 91 cents per share, on revenue of $1.4 billion for the first quarter of the company's fiscal 2009, which closed Dec. 4.