It is tempting to draw comparisons between the restructuring of Hynix Semiconductor of Korea and Indonesia’s Asia Pulp and Paper if only because of the vastly different outcomes for creditors. Hynix started its $12 billion restructuring in 2001 and emerged successfully in 2005 with full recovery likely for all creditors; APP began efforts to restructure its $14 billion of debt the same year, yet the creditors and management remain at loggerheads.
The similarities do not end there, however, as Robert Fallon, chairman of Korea Exchange Bank (KEB) and Hynix’s lead creditor during the restructuring, points out.
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