Go to contents

HEI to announce self-rescue plan Wed.

Posted January. 15, 2001 19:19,   


Hyundai Electronics Industries (HEI) will announce a package of self-rescue plans Wednesday.

Park Jong-Sub, president of HEI, said Monday that it would submit the plans to a group of its creditors.

The blueprint includes contents related to the adjustment of its semiconductor business structure, asset disposal, the repayment of borrowings, and the current financial situation of separated affiliates.

On the disposal of HEI shares held by Hyundai Merchant Marine and Chung Mong-Hun, chairman of Hyundai Asan, President Park said that Salomon Smith Barney, responsible for relevant consultations, was making progress toward receiving premiums through a strategic alliance.

Of the 5 trillion won to be repaid this year, HEI plans to redeem 80% of 3.36 trillion won worth of maturing corporate bonds through a conversion issue with the help from the Korea Development Bank. It plans to repay the remaining amount using cash it amassed through normal operations and the disposal of assets, including securities, he said.