Troubled semiconductor firm Hynix may not have to sell off its assets and could survive on its own if restructuring plans are successful, the South Korean government said yesterday.
Creditors recently bought out an 80.65 per cent stake in the company in a bid to recoup some of the estimated $6bn they are owed.
But speaking on MBN cable TV yesterday, South Korea's commerce minister Shin Kook-hwan maintained that a new restructuring plan could save it from being sold off.
"With restructuring, [Hynix] can be independently competitive," he said. "But this does not signify a willingness to favour solo survival."
Creditors are expected to announce a new board in a bid to kick-start the attempts to sell the company's assets.
Hynix suffered badly when the bottom fell out of the DRam market, and in April the then board of directors rejected a $3bn-plus offer from US chip maker Micron to buy out some of its assets.
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