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Hynix creditors change tack as Micron talks collapse
Salomon Smith Barney shown the door...

By Sonya Rabbitte

Published: Thursday 16 May 2002

Creditors at bankrupt chip manufacturer Hynix have called in a new group of advisors to oversee the sale of assets, following failed merger talks with Micron.

Creditors have picked Morgan Stanley Dean Witter and Deutsche Bank to replace Hynix's own advisor, Salomon Smith Barney.

The financial institution was criticised for its role last year in raising $1.25bn for the company through the sales of depository receipts to international investors which later plunged in value.

The company now owes investors $4.9bn. Creditors have ordered that company assets be sold after management rejected Micron's buyout bid.

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