IN OCTOBER 2005, Hynix Semiconductor launched a $1.9 billion sale of shares, part of the stake held by its creditors acquired after the completion of what is arguably Asia’s most successful debt restructuring.
The stake, 23.4% of Hynix’s shares, was launched at a price of W19,300 ($18.43) a share. That compares with an estimated average acquisition price by creditors of about W12,000 a share. Creditors have already recovered nearly half of their total exposure to the Korean chipmaker.
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