SEOUL - CREDITOR banks have agreed to inject 800 billion won (S$863 million) into South Korea's Hynix Semiconductor, the world's second largest memory chipmaker, the lead creditor said on Tuesday.
Korea Exchange Bank (KEB) and four other banks have approved the injection, a KEB spokesman told AFP.
Hynix is suffering from falling demand and declining chip prices amid the global economic downturn and had asked creditors to provide up to one trillion won.
The company announced last week it would cut production by up to 30 percent from late this month. It has also unveiled new cost-cutting steps. -- AFP
