Monday, December 30, 2002
Creditors of South Korea's 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, according to a Dow Jones Business News report today (December 26, 2002).
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.
Late November, Hynix's financial adviser Deutsche Bank AG proposed creditors swap about $1.58 billion of the company's debt into equity and delay the maturity on outstanding debt until 2006
By: DocMemory
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