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Creditors agree to 1500bn won Hynix rescue plan

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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. ®

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