Rambus (RMBS) - Eagle or Penguin Message Board

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Technology Stocks : Rambus (RMBS) - Eagle or Penguin

RMBS 96.40

+5.4%

Dec 19 9:30 AM EST

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To: Don Green who wrote (77894)	8/23/2001 12:17:36 PM
From: Don Green	Read Replies (1) of 93625

Hynix chairman denies existence of debt-for-equity plan By Jack Robertson EBN (08/23/01, 10:11:38 AM EST) Hynix Semiconductor Co. Thursday denied press reports coming from Korea that it was discussing a debt-for-equity proposal as part of the financially troubled company's latest refinancing plan. In a released statement, C. S. Park, chairman and chief executive of the Korean chip maker, said "a forced debt-for-equity swap is not on the agenda and would not be supported by Hynix management.” Park said the company is continuing to talk with creditors to ease liquidity pressure and provide funds for necesary capital expenditures. Several Korean newspapers Wednesday reported that Hynix needed $4 billion to pay maturing corporate bonds and debt coming due before the end of the year. They quoted creditor banks as saying $2.4 billion would be covered by a debt-for-equity swap, and $1.6 billion by rolling over maturing bonds and debt. Park had previously said Hynix would be opposed to any debt-for-equity swap as part of its refinancing. Such a tactic also would prove a point of contention for Hynix's competitors in the DRAM market, particularly Micron Technology Inc. and Germany's Infineon Technologies AG. The companies claim that a debt-for-equity swap would fly in the face of the Korean government's pledge not to allow IMF bailout funds to be used by government-owned banks to rescue ailing chip makers. Hynix and creditor banks in Korea are continuing discussions, but neither party has projected when the latest refinancing package will be finalized.

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