Hynix creditors to sell part of stake by December

Creditors of Hynix Semiconductor Inc., the world’s second-largest producer of computer memory chips, said yesterday they will sell part of their stake in the chipmaker by the end of next month. Hynix’s 137 creditors decided to sell a combined 23.7 percent stake, or 105 million shares, in the company, they said after a meeting. The value of the equity offering is estimated at more than $2.4 billion. In August, seven investment banks were named to handle the equity offering, considered to be one of the biggest-ever stock sales in Korea. Citigroup Inc., Credit Suisse First Boston Corp. and Merrill Lynch & Co. were named among the lead managers of the Hynix stake sale. If the sale is carried out as planned, the creditors’ stake in the chipmaker will be reduced to 50.3 percent, which is to be locked up until 2007. Hynix regained management control from creditors in July after completing four years of a debt workout program about 18 months ahead of schedule.