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To: Dave B who wrote (67536)	3/12/2001 8:15:29 PM
From: Don Green	Respond to of 93625

Hyundai Electronics seeks overseas partner 2001.03.13 Debt-laden Hyundai Electronics Industries (HEI) is on the lookout for help overseas in its bid to stay afloat by luring investments, Deputy Prime Minister Jin Nyum said yesterday. "(HEI) is in the midst of searching for a foreign partner," Jin, back from a recent trip to the United States, told reporters. "I understand that such efforts have already progressed to a certain degree and could involve the sale of an equity stake." Although he would not elaborate on the issue, Jin indicated that such measures were inevitable as no other possibilities had presented themselves to Korea's second largest memory chipmaker. "It (HEI) cannot simply rely on the market prices of semiconductor chips for survival," he said. "It needs to go to the U.S. and draw investments." HEI, which recently announced it would spin off all non-core operations by the end of June so that it can concentrate on its chip-manufacturing business, has been plagued by various difficulties, including depressed DRAM chip prices and persistent liquidity problems, and was even the target of trade dispute claims from U.S. rivals Micron Technologies and Rambus. Despite pledging to refrain from getting involved in the problems of any particular firm, Jin could not hold back in commenting on some of his biggest headaches, mainly Hyundai. In reference to a creditors' support plan, unveiled last weekend, geared for three Hyundai affiliates - Hyundai Engineering and Construction, HEI and Hyundai Petrochemical - the minister downplayed speculation of a softened stance. "It (The plan) does not deviate from the earlier stance of not providing Hyundai with any fresh loans," Jin said, recommending that Korea Exchange Bank, Hyundai's main creditor, provide a better explanation of its support package. Also, Jin confirmed that the talks with U.S. financial giant AIG about a joint equity investment in Hyundai Investment Trust and Securities had progressed, though he would not elaborate. Meanwhile, Jin also said he plans to meet with local bank heads soon and hold a workshop, to discuss ways of improving the domestic financial industry. In regards to his recent visit to the U.S., Jin confirmed recent reports that the heads of the International Monetary Fund and the World Bank Group had expressed interest in studying a viable development plan for North Korea. He also said that he took the opportunity to meet with various think tank heads and scholars to calm recent trade tensions stemming from a controversial refinancing plan for the domestic corporate bond market. (ysc@koreaherald.co.kr) By Cho Young-sam Staff reporter