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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (63604)	5/10/2002 12:19:33 AM
From: StanX Long	Read Replies (1) of 70976

Hynix Board OKs Restructuring Proposal Online staff -- Electronic News, 5/9/2002 e-insite.net The board of directors for Hynix Semiconductor Inc. today said they have agreed to the follow-up measures proposed May 3 by company creditors. Hynix announced a new CEO last week as well as its intentions to sell its non-memory business. The company has been pressured by its creditors, which are owed as much as $6 billion, to divide and sell its operations. The decision comes a week after Hynix’s board rejected a creditor-approved plan to sell its DRAM operations to Micron Technology Inc. in a deal valued at roughly $3.8 billion. The Seoul, South Korea, company said its restructuring committee will review a restructuring plan, which will be proposed by an outside consultant. That consultant, and the scope of the work, will be decided by the company’s major creditors in consultation with Hynix. Additionally, the board agreed that any future suggestions from the restructuring committee must first be approved by the board and the Hynix shareholders.

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