Hynix' creditors have delayed a plan to sell a majority share in the chip maker to South Korea's Hyosung Corp., according to reports from the JoongAng Daily here.

The Korean Exchange Bank (KEB), one of the creditors that is handling the sale, said that no timetable has been set for the sale, according to the report. Hynix said the process would take place in two months or so.

As reported, former bail out creditors in memory maker Hynix were seeking bids for the remaining 28.1 percent stake they still hold in the chip maker.

The search for a new majority shareholder for Hynix is nearing as a Korean conglomerate called Hyosung has submitted a bid. The value of the stake in question is estimated at 3.65 trillion won ($3.04 billion).

Some observers are skeptical about the bid. Hyosung is roughly the same size as Hynix in terms of total sales and has no experience in semiconductors.

Hyosung's shares have reportedly taken a beating on Korea's stock market, based on fears that the deal makes little or no sense. There are also rumors that Hyosung has created slush funds through its subsidies and is also suspected of tax evasion, according to the report.

By: DocMemory
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