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Hynix shares hit record lows ahead of rescue meeting

Written: 2001-08-30 00:00:00Updated: 0000-00-00 00:00:00


Shares in troubled Hynix Semiconductor fell to a lifetime low early Thursday, a day before creditors review a rescue for the world's third largest memory chip maker.
Hynix shares fell by a maximum 15 percent to 795 won before trimming losses, down nine percent at 850 won as of 0250 GMT.
Overnight, Hynix global depositary receipts fell 18 percent in Luxembourg and 22 percent in London .
Financial advisers Salomon Smith Barney engineered a Hynix rescue worth more than five trillion won that creditors approved in May.
Lenders could offer a second bailout of similar size if creditors holding 75 percent of Hynix's debt approve.
Trusts hold the bulk of 1.8 trillion won in Hynix bonds maturing by year's end and have balked at rolling them over.
Hynix defaulted on 400 billion won in bonds on Monday in a bid to force creditors to help.

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