Hynix is due to meet today to discuss a board reshuffle aimed at takingthe group forward.
On Monday the company’s creditors, which are collectively owed more than$6bn, finally acted on threats to convert bonds into shares and tookcontrol of the company.
A total of 13 banks converted $2.45bn (£1.68bn) worth of bonds, 4.23 billionshares equating to an 81% stake in the firm, leaving creditors in acomfortable majority position.
Alarm bells were raised after the company’s now displaced board rejecteda $3bn-plus bid from US-based chip maker Micron for a large deal of itsassets.
Analysts said that this move would re-ignite interest in the purchase ofthe company’s assets.
Hynix lost $3.9bn last year as the bottom fell out of the DRam chipmarket.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies