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To: StanX Long who wrote (63881)	5/17/2002 2:15:16 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Hynix hires firm to sell assets, plans to cut executive staff by 30% Semiconductor Business News (05/16/02 18:14 p.m. EST) siliconstrategies.com SEOUL -- Is the end near for troubled chip Hynix Semiconductor Inc? After failing to sell its memory operations to Micron Technology Inc., South Korea's Hynix today announced that it has selected Morgan Stanley Dean Witter and Deutsche Bank AG to help sell the company's assets to raise money, according to a report from the Reuters news service. The troubled chip maker also announced a number of cost-cutting moves, including a plan to cut its executive staff by 30%, according to the report. President Park Sang-ho agreed to go without pay for six months in view of the company's financial problems. Its chief financial officer also plans to resign, according to the report. The moves follow a tumultuous period for Hynix. The world's third largest DRAM maker is in a battle with creditors after the company's board rejected a plan in April to sell its memory business to Micron for $3.4 billion (see April 30 story ).