Feeds

Creditors agree to 1500bn won Hynix rescue plan

This just in...

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Creditors of troubled memory maker Hynix have agreed to lend the company a further 1.5 trillion won ($1.17 billion) to finance the company's attempts to restructure and rid itself of its massive debt, we have just heard.

Full details of the bail-out package are vague, so we don't yet known what terms and conditions have been placed on Hynix, but it looks like attempts by Korea's state-run Korea Development Bank to force the company to seek outside help in drawing up a rescue plan haven't come to much.

Last week, KDB governor Chung Gun-yong said any such plan devised by Hynix and its creditors would not win the support of investors. Only a respected, independent third-party could come up with a scheme that everyone could approve.

However, another major Hynix creditor, Hanvit Bank, said this morning it will extend the memory maker's credit line. Hanvit president Lee Deok-hoon said keeping Hynix up and running is more in the bank's interest than allowing it to collapse.

Hynix owes Hanvit around 980 billion won; KDB is owed around one trillion won. ®

Related Story

Hynix's biggest creditor nixes bailout plan

Website security in corporate America

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.