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Politics : Formerly About Applied Materials

AMAT 329.07

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Feb 10 3:59 PM EST

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To: StanX Long who wrote (63917)	5/23/2002 2:49:35 AM
From: StanX Long	Read Replies (1) of 70976

Korea Finance Chief Says Hynix May Not Survive Alone (Update2) By Seyoon Kim and Ian King quote.bloomberg.com Seoul, May 23 (Bloomberg) -- South Korean Finance Minister Jeon Yun Churl said Hynix Semiconductor Inc. may not survive alone, and the government won't intervene in a creditors' decision to sell the world's third-largest maker of computer memory chips. ``We don't know whether it is possible for it to survive on its own,'' Jeon in a speech at a monthly economic forum. The government owns or controls all of Hynix's major creditor banks. Hynix needed two multibillion-dollar bailouts from creditors, who are about to take over the company and have said they plan to sell it in pieces. Last month, Hynix's board of directors rejected a $3 billion agreement negotiated by creditors to sell most of the company to rival Micron Technology Inc. ``Since creditors have built up provisions against Hynix loans, it's their responsibility to decide on the fate of Hynix,'' Jeon said. Creditors plan to take control of Hynix on June 7 by converting $2.3 billion of debt into shares.

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