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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Creditors close to deal with SKorea's Hynix: minister AFP - 1 hour 48 minutes ago SEOUL (AFP) - - Creditors of South Korea's Hynix Semiconductor, the world's second largest memory chipmaker, are close to agreement on injecting funds to support the troubled company, a minister said Monday. "I believe the main creditor banks have agreed on putting in more liquidity," Knowledge Economy Minister Lee Youn-Ho told reporters. Hynix is suffering from falling demand and declining chip prices amid the global economic downturn. On Sunday it unveiled a series of cost-cutting steps such as early retirement, unpaid leave and lower pay aimed at saving 100 billion won (68.7 million dollars) a year. The firm has asked creditors to provide between 500 billion and one trillion won, the main creditor Korea Exchange Bank said Monday. "Creditors are positively considering financial assistance, but nothing, including the size and timing of the assistance, has been decided yet," said a bank spokesman. Lee has said the government would not consider active state support for Hynix because this would breach World Trade Organisation guidelines. "The government at present is not considering any direct support," he reiterated Monday. "The position of the Korean government... is that the fate of companies will be determined in the market by the market." Hynix was one of numerous big companies bailed out by the government after the 1997-98 East Asian economic crisis and is still under the control of creditors. In the third quarter of this year its net loss rose sharply to 1.65 trillion won, the fourth straight quarterly deficit. Hynix shut down two older domestic production lines this year and has also extended a payment deadline for a partner company's investment. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy HK stocks surge 7.5 pct on China stimulus hopesAP - 1 hour 3 minutes ago South Korean stocks surge on Obama spending planAP - 1 hour 7 minutes ago Peabody Energy eyes western China projectsReuters - 1 hour 18 minutes ago Australia's Santos says considering initiativesReuters - 1 hour 44 minutes ago Related Articles: Business Europe stock futures point to sharply higher openReuters - 32 minutes ago S.Korea c.bank to inject $3 billion via Fed creditReuters - 33 minutes ago RESEARCH ALERT-JPMorgan cuts earnings f'casts for UMCReuters - 38 minutes ago China stocks end up 3.6 pct in heavy tradeReuters - 39 minutes ago Spanish stocks - Factors to watch on MondayReuters - 40 minutes ago Enlarge Photo Creditors close to deal with SKorea's Hynix: minister Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Diamond thieves pull off 100-million-dollar Paris heist Girl, 8, among 17 dead in Manila shoot-out: police Vinnie Jones gets into bar fight over role in X-Men Oil price falls below $40 Climate change: Sci-fi solutions no longer in the margins View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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