Top executives at Hanaro offer resignations

All top executives of Hanaro Telecom Inc. have offered to resign in order to help restructuring efforts, in a move some analysts say will help the stock price of South Korea’s second largest broadband Internet service provider. The executives include 45 officials at Hanaro and 10 directors at four subsidiaries including Korea Thrunet Co., Hanaro said in an e-mailed statement. American International Group Inc. and San Francisco-based Newbridge Capital Ltd., which bought 49 percent of Hanaro in 2003, may be preparing to sell the company, according to analyst Lee Shi-hoon. Hanaro last month posted a 33 billion won ($32 million) loss that wiped out all profit it has ever reported. “It’s been two years since the takeover and based on the current stock price, restructuring was inevitable,” said Mr. Lee, an analyst at Hyundai Securities Co. who has a “buy” recommendation on the stock. “This raises the likelihood that the company will be sold so it’s good for the stock price.” The resignations come less than a month after former Chief Executive Yoon Chang-bun quit for what the company said were “personal reasons” at the time.