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Magnachip gains time from creditors to Dec. 10

Fri Nov 21, 2008 6:24pm EST

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SAN FRANCISCO, Nov 21 (Reuters) - Magnachip Semiconductor (MX.N), a South Korean chip maker, has won time from creditors to restructure it debt, according to a filing with the Securities and Exchange Commission on Friday.

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The company defaulted on the loan at the end of October and expected to stay in default on Nov. 30, the filing said.

The filing said the lenders, who made the loan in December, 2004, have "agreed, under certain circumstances, to continue making credit extensions ..."

According to agreement dated Nov. 14, Magnachip has until Dec. 10 to try to restructure the loan.

Magnachip designs and makes analog and other semiconductors . It has manufacturing facilities in South Korea and design centers in South Korea, Japan and the United States. Its products are used in mobile phones, digital televisions and digital cameras. (Reporting by David Lawsky; Editing by Andre Grenon)

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