Wednesday, July 6, 2005
Hynix Semiconductor has raised $1.3 billion from a group of local financial institutions, according to a Korea Times report.
The move is part of a refinancing scheme totaling about $2 billion, which was a condition set to allow Hynix management to resume control of the company and move it out of receivership, the report said.
Hynix would use the money to repay its existing debt ahead of maturity, the report referenced the Korea Exchange Bank (KEB) as saying in a statement.
If the company can raise another $750 million, most likely through bonds issued overseas, Hynix is set to emerge from the debt recovery program and take control of its affairs. This could happen in July about 18 months earlier than previously anticipated, the report said.
By: DocMemory
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