SAN JOSE, Calif. -- Creditors of South Korea's Hynix Semiconductor Inc. have named Kwon Oh Chul as its new chief executive, according to reports from Bloomberg.
Kwon is currently the chairman and CEO of Hynix' chipmaking venture with Numonyx BV in China. He replaces Kim Jong Kap, who was named as head of Hynix's board, according to reports.
Creditors of Hynix plan to sell a 13 percent stake in the company. Creditors own a controlling 28 percent stake worth around $3 billion in Hynix.
Amid an upturn in business, Hynix remains in a holding pattern in regards to gaining a new majority shareholder.
As reported, former bail out creditors in memory maker Hynix are seeking bids for the remaining 28.1 percent stake they still hold in the chip maker. The search for a new majority shareholder for Hynix was nearing as a Korean conglomerate called Hyosung has submitted a bid.
However, Hyosung recently dropped its bid for Hynix.
Bank shareholders in Hynix had received no offers for their 28 percent stake in the memory maker by a recent deadline, according to local reports that cited lead investor Korea Exchange Bank as their source. As a result the banks, which bailed the company out several years ago by exchanging debt for equity, will consider other means of disposing of their stakes including selling off shares in small tranches.