Creditors of indebted Korean semiconductor firm Hynix will become the largest shareholders of stock in the firm on 1 June, in a last-ditch bid to find a buyer for its assets.
Hynix was caught out in the recent tech market downturn which saw demand for its DRam chips collapse globally. It owes its creditors over $5bn.
In April the now largely-removed board rejected a $3.4bn bid for assets from US chip giant Micron and creditors threatened more positive action to bring about a sale.
A Hynix spokesman has now confirmed that the company's creditors will convert bonds into equity on 1 June, although a conversion price is yet to be determined.
"No specific schedules have been set regarding when creditors meet after they become the largest shareholder, but we have to consult with them to select a new chief financial officer," Hynix spokeswoman Kang In-young told Reuters.
A third of the board was removed last week and new financial advisors were recruited to find buyers for the company's assets.
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