In the article ‘KoFC Vows to Sell Stakes in Hynix Semiconductors‘ Maeil Business reports that with no LOI received, the KoFC are considering a block sale.
The article reads -
CEO Yoo Jae-han of the Korea Finance Corporation (KoFC) expressed his corporation’s stern determination to offload controlling stakes in Hynix Semiconductors on January 28.
If the company fails to sell the stakes this time around, KoFC could even discuss a “block sale” with the creditors.
In his press conference for year 2010, Yoo said not a single letter of intent has been filed as the deadline for the submission date of January 29, 2010 draw near.
Initially, KoFC has limited candidates for Hynix Semiconductors to South Korean companies and investors considering the semiconductor industry’s setting, the nation’s competitive edge in the industry as well as the overall national growth strategy.
Yoo regrets that large companies are simply stacking up cash instead of investing them. He went onto say that he will review Korean investors that have attracted financial investors abroad as viable bidders of Hynix Semiconductors.
Updated update-
Creditors of Hynix could sell as much as a 13% stake through a block sale, reported (Korean) the Maeil Business today (Jan. 29).
The report cited an unspecified insider at a creditor company as saying it is a possible scenario to sell a 10~13% out of a total stake of 28% held by creditors. The 13% maximum figure was arrived at considering the controlling stake amount is 15%, the report said.
However, the creditor banks are prohibited from taking individual decisions over the stake, and at least six creditors have to agree to the block sale, the report noted.
For more information, and links to previous posts see ‘Update: Hynix creditors may sell shares publicly‘.
(Source: Maeil Business)
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