Friday, February 28, 2003
Hynix Semiconductor Inc. (Seoul, South Korea) said Thursday (Feb. 27) that all its senior executives, some 50 in number, had offered to resign, following shareholder approval of a bailout plan for the financially strapped DRAM maker, according to the Reuters news agency.
Park Sang-ho, co-president of Hynix, tendered his resignation on Wednesday.
Park and the other co-president, Woo Eui-jei, have been crafting a restructuring plan that would be acceptable to both shareholders and the creditors who control 70 percent of the Hynix assets.
Last April, the Hynix board rejected an offer by Micron Technology Inc. (Boise, Idaho) to buy Hynix for about $3.4 billion in stock. That prompted the resignation of then-president Park Chong-sup.
The turmoil at Hynix comes as DRAM prices have flagged throughout February, especially for the 256-Mbit DDR product. Spot prices have dipped below $3 for the double data rate memory.
By: DocMemory
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