Hyundai ponders Hynix buy

Hynix’s creditors could be breathing a sigh of relief, with reports that a company is stepping forward to buy the semiconductor firm.

The interested party is Hyundai Heavy Industries (HHI), which wants to get a piece of the semiconductor company.

HHI has been thinking about submitting a letter of intent for the company’s shares. The asking price is 2.3 trillion won, or roughly $2.12 billion.

It is thought HHI wants to buy the company as a nod to its past. Before Hynix was an independent company it was part of Hyundai Electronics.  However, if HHI is serious it better get itself into gear quick, as the bids for the shares close on 8 July.

A Hynix sale has been on the cards for a while now, but no one seems to have bitten. In 2001, creditors tried to sell their shares in the company, which nearly collapsed following debts. They then tried again in 2010, but their attempts failed to attract bidders. But it has had some knocks.

In March 2010 the company was quoted as saying it could only meet 60 percent of chip demand from its clients.

However, at the time, its bosses tried to sweeten the load, assuring potential buyers that the company was set to profit financially from the current, stronger market.

Whether HHI goes for it remains to be seen – but it shouldn’t take too long before we know.