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Politics : Formerly About Applied Materials

AMAT 322.51

+6.1%

Feb 6 9:30 AM EST

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To: StanX Long who wrote (64212)	6/5/2002 2:27:15 AM
From: StanX Long	Read Replies (1) of 70976

Hynix Creditors May Take Over Board; Shares Plunge (Update1) By Young-Jo Bae and Yoolim Lee quote.bloomberg.com Seoul, June 5 (Bloomberg) -- Hynix Semiconductor Inc. creditors are expected to take control of the board at a special shareholders' meeting scheduled on July 24. The change could lead to a management shakeup and the breakup and sale of the world's third-largest computer memory-chip maker. The company's shares plunged by as much as 14 percent on concern that Kookmin Bank and five others lenders may sell some of the shares they received on Monday when creditors swapped debt for equity. The first day they can sell the shares is Friday. Korea Exchange, Kookman Bank, Woori Bank and other creditors took control of the company Monday after they converted about 3 trillion won ($2.3 billion) of debt into equity, taking 81 percent of Hynix. Creditors have talked about breaking up and selling the chipmaker to recoup some of their $5 billion loans. Shareholders will decide whether to replace board members and whether to require a two-thirds majority for board decisions, replacing the current simple majority, said Hynix spokesman Bang Min Ho. The July 24 date was set by Hynix directors who met today for the first time since creditors took over the company. Creditors and the board have been at odds since the board in late April killed a creditor-led agreement for Micron Technology Inc. to buy Hynix assets. Currently, seven of the 10-member board are non-executive appointees and three are Hynix officials. The stock was quoted at 484 won in late morning trading, down 8.5 percent.

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