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To: StanX Long who wrote (58682)	1/11/2002 12:38:56 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

01/10 21:37 Hynix Falls After Creditors Deny Micron Pact Report (Update3) By Ian King and Heejin Koo quote.bloomberg.com Seoul, Jan. 11 (Bloomberg) -- Hynix Semiconductor Inc. fell as much as 5.8 percent after creditors denied a report that said Micron Technology Inc. would sign an initial agreement on Jan. 21 to buy the ailing Korean company's memory chip business. Hynix shares recently traded down 4.1 percent at 2,990 won after earlier trading up as much as 3.4 percent. Some 144 million shares changed hands, compared with an average of 16 million over the last three months. Steve Appleton, chief executive of Idaho-based Micron, the second-largest memory chipmaker, has been in Korea this week for a third round of negotiations on a tie-up with No. 3 Hynix that could create the largest computer memory chipmaker, overtaking Samsung Electronics Co. Creditors two weeks ago said they expect an agreement this month. ``Nothing has been decided yet,'' Shin Kook Hwan, head of Hynix's restructuring committee, said in response to a Yonhap News report that cited an unidentified member of the committee as saying an agreement was expected in 10 days. Micron also declined to comment. The Yonhap report said Micron would also agree to buy part of Hynix's non-memory chip division and to negotiate with creditors on how some of its debts will be written off. The two sides have agreed on the method that Micron will use to pay for Hynix assets, what they will buy and how Hynix debts will be settled, it said. ``The reports that have come out in the press have all been off the mark, and some of them are blatant fabrications,'' Shin said. Micron's purchase may help the Korean chipmaker remain in business. Creditor banks bailed out Hynix twice last year to avoid its default on debt.