Ailing Korean semiconductor firm Hynix yesterday sacked a third of its senior executives and its major financial consultant in a bid to sell its assets.
Twenty of the company's 60 senior executives were dismissed and Salomon Smith Barney, the investment group negotiating asset sales on behalf of the company, was discharged.
After the board rejected a recent $3.4bn bid from US chip giant Micron to buy the company's assets, president Park Chong-sup resigned. Following these changes, however, he is back on board in a new capacity to oversee restructuring.
Hynix owes its creditors $6.8bn and earlier this week saw the collapse of a proposed $400m sale of its flat-screen operations to a Cando-led Taiwanese group.
Financial experts Morgan Stanley Dean Witter and Deutsche Bank have been recruited to find buyers and draft plans on the company's future.
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