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Hynix aims to lower debt level sharply in 2010-CEO

Fri Oct 23, 2009 3:33am EDT

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SEOUL, Oct 23 (Reuters) - Hynix Semiconductor (000660.KS), the world's No. 2 maker of memory chips, said it would aim to lower its debt level significantly next year, by repaying a large portion of its maturing debt, its chief executive said on Friday.

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Heavy debt has been cited by analysts as a burden for any buyer of Hynix, put up for sale by its creditor-turned-shareholder.

CEO Kim Jong-kap said Hynix was unlikely to need large outside funding even when the next industry downturn comes, as it lowers debt level and manages cash flow. (Reporting by Rhee So-eui; Editing by Jacqueline Wong)

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