Seoul, Korea, May 9, 2002
The Board of Directors (BOD) of hynix Semiconductor Inc., (hynix, www.hynix.com) today announced that they have agreed to follow-up measures proposed by the Creditor Committee on May 3, 2002.
The follow-up measures require that hynix’s Restructuring Committee review a restructuring plan, to be proposed by an outside consultant. Such outside consultant and its scope of work will be decided by the major creditor banks in consultation with hynix.
In addition, the BOD agreed that any solutions put forth by the Restructuring Committee must first be approved by the Board of Directors and the Company’s shareholders.
