Hynix ex-CEO is not quite ex

Hynix's creditors, mostly Korean banks which in turn are mostly owned by the Korean government, are furious with the chipmaker's board for turning down Micron's $3.4bn offer. They are owed $5bn and their chance to install their own men will come in May when bonds are converted to equity, leaving the creditors with a 75 per cent stake. But what then: talk is that Korean government wants to place Hynix into administration. Maybe this is the only way to get the workforce to see just how desperate their straits are. In the meantime Hynix's CEO has fallen on his sword - kinda: he's staying on to supervise the sale of the company's non memory assets.

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