The on-off asset-stripping deal between troubled Hynix Semiconductor and chip giant Micron is apparently still on despite recent setbacks. So claims a South Korean newspaper report.
Last month Hynix, which owes its creditors $5bn due to a collapse in the DRam (dynamic random access memory) chip market, rejected a $3.4bn offer from Micron for some of its business, against the advice of its creditors.
Major board changes have taken place since and creditors are likely to turn bonds into equity on 1 June in an effort to gain control of the company.
The deal with Micron appeared to be all but over until yesterday, when the Seoul Economic Daily reported that an executive of Hynix's former financial advisor Salomon Smith Barney said new talks could be imminent.
The group was recently sacked from handling Hynix's financial affairs. Deutsche Bank and Morgan Stanley Dean Witter were hired instead to find buyers and draw up plans for the firm's future.
The paper claims that Salomon Smith Barney vice president Jeffrey Shafer said that "new talks [between Hynix and Micron] are not excluded" from future plans.
The South Korean government has told Hynix's creditors that the sale of the company's assets is in their hands.
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