Thursday, February 27, 2003
Hynix Semiconductor Inc. co-President Sang-Ho Park has submitted his resignation for personal reasons, a source within the company said Wednesday.
It wasn't immediately known if the Hynix board of directors had accepted his resignation.
Park, who headed operations for the Korean chipmaker, shared the chief executive duties with Eui-je Woo, who is responsible for financial affairs.
The source also said Hynix stockholders at a special meeting Tueday approved proposals for a reverse 21-to-1 share writedown. The vote was a foregone conclusion as Hynix' majority creditor banks who hold an 80% stake in the company favored the reduction in outstanding shares.
Hynix creditor banks in late December approved a $4 billion bailout, the third in two years, that converted $1.6 billion in debt to equity and extended payments on another $2.5 billion in debt.
By: DocMemory
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