S. Korea: Endure Pain, Never Compromise
It was a blow to Jeon Yun Churl, South Korea's new Deputy Prime Minister for Finance & Economy. He and his economic team have vowed to continue reforming the country's interlocking conglomerates known as chaebol in a bid to attract foreign capital and technology. But on Apr. 30, the board of Korean chipmaker Hynix Semiconductor rejected a $3 billion asset sale to U.S. rival Micron Technology. The proposal, which involved a debt restructuring that would have kept the world's third-largest maker of memory chips afloat, had already been approved by creditors.
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