Acceptance Financing Is Made Up for Hydis

The core self-rescue plan of Hynix, disposition of Hydis, which has produced TFT-LCD, was finally completed.

Korea Exchange Bank(KEB), a creditor bank of Hynix, announced on December 27 that acceptance financing(syndicate loan) of the creditors for the sale of Hydis was accomplished.

At that day, KEB sent the certificate of acceptance financing for USD 1,883 million including △ USD 0.1 billion of Korea Development Bank, △USD 50 million of Korea Exchange Bank, △USD 30 million of Woori Bank and △KRW 10 billion of Hyundai Marine & Fire Insurance to BOE, China.

KEB explained, “As Woori Bank, which showed a disapproval of the sale of Hydis, decided to support it, the acceptance financing was made up. However, Cho Hung Bank didn’t participated and so it didn’t reach USD 210 million of the expectation.”

KEB will hold the whole Hynix creditors’ meeting on December 30, and decide on a debt rearrangement bill including a debt-equity swap of KRW 1.9 trillion and capital reduction of 21 to 1.

Chi-Young Shin higgledy@donga.com