Feeds

Creditors get tough with LG Semicon

Korean spat takes on European dimension as banks pull rugs

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Reports from South Korea said that financial sanctions will now be imposed on LG after its refusal to accept a merger deal in which Hyundai will have 70 per cent of a new semiconductor company. LG (formerly Lucky Goldstar) is one of the top five chaebols (family concerns) in South Korea. The others are SK, Hyundai, Daewoo and Samsung. According to English language newspaper The Korea Times, 28 institutions will recall loans from LG Semicon during the course of this week. And the action could take on a European dimension very shortly, as LG has bridge loans of over 80 billion won. As exclusively reported here on the 11th of December, LG has already rationalised its structure in the UK. The action, prompted by the South Korean government, furious at LG’s intransigence on the deal, was precipitated when the Commercial Bank of Korea and the Korea Exchange Bank refused to loan LG Semicon any money and proposed selling off collateral unless it pays its debts. Faced with this action, LG has been attempting to accumulate foreign dollars to bolster its position but it is unlikely to be able to stall for much longer. LG Semicon has a number of fab plants worldwide, including one in Wales, which is partly funded by the Welsh Office, a department of the UK government. That government department is now bound to be asked how much UK tax payers’ money is being used to bolster LG Semicon’s position. (Story: LG caught in middle of UK inward investment row) ® Recent related stories LG threatens to sue Arthur D Little Hyundai, LG Semicon deal on Chaebols make restructuring decisions South Korean president enters LG Semicon, Hyundai spat Arbitration panel to rescue LG, Hyundai from anti-dumping charges

Providing a secure and efficient Helpdesk

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.