Feeds

Hynix's biggest creditor nixes bailout plan

Korea Development Bank demands an independent rescue scheme

  • alert
  • submit to reddit

The essential guide to IT transformation

Korea's state-run Korea Development Bank will not lend any more cash to Hynix unless a respected third-party comes up with a solid plan to rescue the debt-ridden memory maker.

The debt bail-out scheme currently being touted by the Korea Exchange Bank and due to be discussed by Hynix's creditors at a meeting on Friday doesn't come close.

So, at any rate, says the Bank's governor, Chung Gun-yong, according to local media. He should know: the Bank has lent Hynix around one trillion won ($967.5 million) - sufficient, say some, to make the Korea Development Bank Hynix's largest creditor. Odd, then, that Chung claims not to have been invited to the 31 August meeting.

Chung reckons the KEB plan won't win the support of investors, and the only way they will be satisfied with any plan is if it has the backing of a "reputable third-party institution". If he has anyone specific in mind, he isn't saying who it is, but it's clear that only an independent body has the clout to persuade all the creditors and stakeholders that a given rescue plan can work. ®

5 things you didn’t know about cloud backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.