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Hynix seeks financial support

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The company is seeking approximately $691 million from creditors.
Hynix Semiconductor has sought approximately $691 million in financial support from its creditors as it faces a liquidity crunch and struggles as chip prices are falling, reports in the media say.

Hynix's creditors are considering the request, but no decisions have been reached yet, according to reports, which cited a spokesman for the chipmaker's largest creditor.

Creditors are reportedly reviewing options, which include extending new loans and a possible rights offering, although Hynix will likely need an immediate cash injection to stay in business.

South Korean Knowledge Economy Minister Lee Youn-ho was cited as saying Monday the government may have to step in with an alternative if creditors do not step in at Hynix's call for help.

On Sunday Hynix announced a restructuring plan that will cut staff numbers, and reduce compensation for its CEO and other senior staff, in an effort to slash labour costs by 15%.
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