Creditors sell 6.7% of Hynix for $814 million

EE Times

03/15/2010 9:01 PM EST
URL: http://www.eetimessupplynetwork.com/223800325

SAN FRANCISCO—Creditors sold 6.7 percent of Hynix Semiconductor Inc. for about $814 million, part of a plan by the group led by Korea Exchange Bank (KEB) to unload a total of 13 percent of the company this year, according to reports dated Monday (March 15).

The creditors sold 39.28 million shares of Hynix for 23,500 won (about $20.71) apiece, according to reports by The Wall Street Journal, Bloomberg and others.

Earlier this year the group of creditors said it was rethinking its strategy after it received no bids for the 28 percent stake in Hynix it had been trying to sell. According to Monday's reports, the company said last month it planned to sell about 8 percent of the company in the first half of 2010 and another 5 percent in the second half of the year.

In addition to KEB, the group includes Korea Resolution & Collection Corp., Shinhan BNP Paribas Asset Management Co., Woori Bank, Shinhan Bank, National Agricultural Cooperative Foundation, Daewoo Securities Co. and Woori Investment & Securities Co., according to The Wall Street Journal.