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Creditors back Hynix to the tune of US$597 million

23 December 2008 | By Mark Osborne | News > Fab Management

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Korean banks that bailed out Hynix Semiconductor in 2001 have agreed new cash loans of approximately US$597 million, which is expected to provide the memory manufacturer with several quarters of liquidity. Banks including, Korea Exchange Bank will gain new shares in Hynix but will also rollover debts expected to be paid through 2009.

The expected news comes after Qimonda AG also received new funds from the State of Saxony and an unidentified banking institution in Portugal. Infineon, Qimonda’s largest shareholder also participated in the new liquidity round.

Taiwan’s largest DRAM producer, Powerchip Semiconductor is also attempting to gain new funding with support from the Taiwanese Government and has been reported to be seeking closer ties with joint venture company Elpida Memory.

The call for cash by many of the memory manufacturers is due to almost two years of quarterly losses as oversupply in both DRAM and NAND flash memory have seen ASPs plunge to below manufacturing costs for the majority of the players.

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