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Technology Stocks : Amkor Technology Inc (AMKR)

AMKR 49.71

-5.2%

Jan 23 9:30 AM EST

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To: tech101 who wrote (107)	2/24/1999 12:54:00 AM
From: tech101	Read Replies (1) of 1056

Korean Banks Agree on $248 Mln Rescue for Anam Semiconductor GREAT NEWS FOR AMKOR LONGS by: stock_buster34 3251 of 3270 Seoul, Feb. 23 (Bloomberg) -- Anam Semiconductor Co. creditors agreed to a 300 billion won ($248 million) rescue plan to prevent the world's largest semiconductor assembler from collapsing. Cho Hung Bank, Anam's main creditor, said lenders will swap 250 billion won of the company's debt into equity, and also provide the company with an additional 50 billion won. In addition, creditors will defer repayments on the rest of Anam's 2.7 trillion won of total debt until 2003. Korean financial institutions, faced with an estimated 100 trillion won of bad loans, are trying to keep even ailing companies alive because more defaults would threaten their own survival. In December, Anam Semiconductor agreed to sell one of its four Korean plants to Amkor Technology Inc. of the U.S. for $600 million to repay debt. Like many Korean companies, cutting debt through such sales is vital for Anam, one of Korea's top 30 conglomerates, as it seeks to survive the nation's deepest recession since the 1950-1953 Korean War. messages.yahoo.com@m2.yahoo.com

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