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29/08/2001
Hynix Semiconductor shares plummet as advisor sells holding
Shares in Hynix Semiconductor, the world's third largest computer memory chip maker, have plummeted after its financial adviser sold off 31 million shares in the company.
Hynix shares were down by a daily limit of 15 per cent to 935 won in the early hours of Wednesday morning after Salomon Smith Barney, which put together a rescue package for the troubled South Korean firm just three months ago, sold its shares.
Data from the Korea Stock Exchange showed Salomon executed sell orders for more than 31 million shares, however it did not specify if Salomon was selling on its own or on behalf of a client.
Hynix is expected to report heavy operating losses this year as a result of the collapse in memory chip prices. Its main creditor Korea Exchange Bank (KEB) has already proposed that other creditors should provide financial aid or else the company would be put into liquidation.
On Tuesday Hynix refused to honour $315 million won in matured bonds in a move to pressure the minor creditors to go along with the KEB's plan.
Concern over Hynix finances was behind the Moody's downgrade of its US subsidiary Hynix Semiconductor Manufacturing American on Tuesday. (MB)
Hynix shares were down by a daily limit of 15 per cent to 935 won in the early hours of Wednesday morning after Salomon Smith Barney, which put together a rescue package for the troubled South Korean firm just three months ago, sold its shares.
Data from the Korea Stock Exchange showed Salomon executed sell orders for more than 31 million shares, however it did not specify if Salomon was selling on its own or on behalf of a client.
Hynix is expected to report heavy operating losses this year as a result of the collapse in memory chip prices. Its main creditor Korea Exchange Bank (KEB) has already proposed that other creditors should provide financial aid or else the company would be put into liquidation.
On Tuesday Hynix refused to honour $315 million won in matured bonds in a move to pressure the minor creditors to go along with the KEB's plan.
Concern over Hynix finances was behind the Moody's downgrade of its US subsidiary Hynix Semiconductor Manufacturing American on Tuesday. (MB)
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