Hynix assets less than estimated – Arthur Andersen
Debts more than three times liquidation value
If Hynix's creditors allowed the chipmaker to go to the wall today, it would be worth 3.66 trillion won ($2.855 billion), Arthur Andersen reckons, according Korea's Maeil business newspaper.
Unfortunately, as Hynix owes some 12.35 trillion won, closing it down and selling off what's left would still leave its owners in the red to the tune of 8.69 trillion won.
Arthur Andersen's study reports that Hynix executives overestimated the company's assets by a whopping 5.09 trillion won. Arthur Andersen reckons Hynix's assets stand at 10.68 trillion won, not the 15.77 trillion won the chip maker itself had claimed.
·Hynix last week agreed to sell its Supertwist Nematic LCD division to Hyundai LCD for 75 billion won. Hyundai LCD was founded by Semicon Engineering Co. and Beijing Orient Electronics but is part-owned (15 per cent) by Hynix itself.
In September, Hynix agreed to sell its thin film-transistor LCD business to Taiwan's Cando Corp. and partners for 830.7 billion won. ®