Thursday, December 26, 2002
Creditors of Hynix Semiconductor Inc. are set to meet on Monday December 30, 2002, to vote on restructuring measures proposed by the main lender, Korea Exchange Bank.
Some 114 creditor institutions are due to meet to vote on the restructuring plan, which includes a debt-for-equity swap worth about $1.58 billion and a 21:1 capital write-down plan, the report credited a KEB spokesman as saying.
For the restructuring proposal to go through, creditors exposed to more than 75% of Hynix' total debt have to be in favor of the plan, the report said.
The report also quotes a Daewoo Securities analyst as saying the plan would likely be accepted.
By: DocMemory
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