The seven billion dollar rescue package for Hynix Semiconductor is looking to help the ailing chipmaker stave off default on loans owed to foreign lenders.
Foreign lenders which extended funds to Hynix's U.S. unit are to meet on November next Thursday in New York to discuss whether to declare default on the four hundred million dollars in loans.
Hynix's Chief Financial Officer is optimistic saying foreign creditors do not want Hynix to go bankrupt.
On Wednesday, Korean lenders agreed to offer the massive bailout including a debt rollover and write-offs, a debt-for-equity swap and fresh funds.
The rescue package ... the second since June ... is aimed at saving the world's third largest memory chipmaker. It's saddled with almost seven billion dollars in debt and losses from plunging chip prices.
But analysts say the rescue package may not be enough to save the ailing chipmaker in the long-run.