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Hynix to receive US$960 million in new funding
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Hynix Semiconductor has had US$519 million new share offering approved by its creditors as well as a roll-over of debt and additional loans, bringing its latest round of fund raising to approximately US$960 million. Hynix will sell 70 million new shares at a 30% discount, according to the new plan just announced.
This is Hynix’s second round of funding in 2009, indicating that the memory manufacturer is still losing money and requires further cash to retain liquidity. Hynix is expected to release first quarter results at the end of the week.