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Creditors allow Hynix to raise US$1.97b in fresh funds
SEOUL April 13, 2005: South Korean microchip giant
Hynix Semiconductor has been cleared to raise two trillion won (1.97 billion
dollars) in fresh funds by its creditor banks as part of efforts to repay
its debts, bank officials said.
Key creditors agreed to allow Hynix to raise 1.25 trillion won via
syndicated loans and 750 billion won through an overseas shae issue, a Korea
Exchange Bank official said.
Of the total, Hynix would use 1.5 trillion won to repay debts and 500
billion won to fund operations, he said.
"The agreement is part of our plan to complete a debt workout program for
Hynix," he said.
The agreement requires approval from other creditors by April 20.
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