council regul ec april amend regul ec impos definit countervail duti collect provision duti impos import electron microcircuit dram dynam random access memori origin republ korea council european union regard treati establish european commun regard council regul ec juli measur commun report adopt wto disput settlement bodi anti dump anti subsidi matter regard council regul ec octob protect subsidis import countri member european commun basic regul regard propos submit commiss consult advisori committe procedur exist measur regul ec definit regul council impos definit countervail duti import electron microcircuit dynam random access memori dram origin republ korea manufactur compani samsung electron samsung duti rate establish definit regul preced commiss regul ec april impos provision countervail duti import electron microcircuit dram dynam random access memori origin republ korea provision regul export produc locat republ korea cooper investig led imposit exist measur origin investig samsung found receiv subsidi hynix semiconductor hynix european commun ec industri origin investig consist produc account major proport total commun product dram infineon technolog ag munich germani infineon micron europ crowthorn unit kingdom micron investig subsidis injuri cover period januari decemb ip examin trend relev assess injuri cover period januari end ip period consider report adopt disput settlement bodi wto august disput settlement bodi dsb world trade organis wtomm adopt panel report quot european commun countervail measur dynam random access memori chip korea quot panel report ec act manner inconsist wto oblig articl agreement subsidi countervail measur scm agreement determin restructur programm constitut financi contribut govern articl scm agreement determin exist benefit case syndic loan articl scm agreement directli appli purpos calcul amount benefit grant methodolog programm found constitut subsidi articl scm agreement evalu factor quot wage quot relev factor affect state domest industri articl scm agreement fail make injuri caus factor declin demand overcapac subsidis import attribut subsidis import hand ec found act consist wto oblig articl scm agreement determin syndic loan keic guarante kdb debentur programm octob restructur programm constitut financi contribut govern korea gok articl scm agreement determin benefit confer hynix keic guarante kdb debentur programm restructur programm octob restructur programm articl scm agreement find de facto specif korean claim articl scm agreement assess signific volum price effect subsidis import korean claim articl scm agreement factor relev condit domest industri factor quot wage quot articl scm agreement demonstr requisit causal link subsidis import injuri articl scm agreement appli quot fact quot respect subsidi investig reassess implement dsb recommend light recommend set panel report commiss conduct object reassess relev find definit regul basi inform record scope reassess appropri limit examin specif aspect exist measur found inconsist scm agreement examin base evalu exist evid record origin investig light relev find panel report reassess set show injuri subsidis exist slightli lower level product consider product product consider product cover origin investig electron microcircuit dynam random access memori dram type densiti variat assembl process wafer chip di manufactur variat metal oxid semiconductor mo process technolog includ complementari mo type cmo densiti includ futur densiti irrespect access speed configur packag frame origin republ korea product concern includ dram present customis memori modul customis memori board kind aggreg form provid main purpos provid memori product concern classifi cn code panel report cover claim affect find set definit regul product consider product revis find base panel report subsidi introduct part set reassess find base conclus recommend panel report restructur programm constitut financi contribut gok mean articl basic regul benefit case syndic loan mean articl basic regul calcul amount benefit regard subsidi programm mean articl basic regul find subsidi remain establish origin investig set provision regul definit regul bond purchas creditor bank amount krw trillion roll debt restructur programm panel found determin creditor bank direct particip restructur programm purchas krw trillion convert bond cb part programm constitut financi contribut gok consist articl scm agreement specif panel found quot restructur programm close case evid investig author insuffici conclud govern entrust direct privat bank purchas hynix cb quot accord panel assess fund provid hynix context restructur programm countervail syndic loan krw billion respect syndic loan krw billion panel found ec properli establish gok direct korea exchang bank keb particip loan constitut financi contribut entrust direct keb accord articl scm agreement panel found korea develop bank kdb provid direct financi contribut particip syndic loan kdb public bodi ec requir make find entrust direct panel found ec fail establish exist benefit financi contribut provid kdb keb mean articl scm agreement specif panel state ec examin compar commerci loan obtain hynix market state ec particip syndic loan benchmark view commiss particip bank syndic loan serv proper benchmark determin exist benefit panel note determin exist commerci benchmark author examin loan influenc alleg govern intervent repres loan obtain market commiss conduct examin extens record case emploi type analysi discuss panel basi commiss determin loan bank particip syndic loan serv proper benchmark bear mind financi condit hynix time syndic loan arrang note recit definit regul time loan agre end hynix sever financi distress usd billion liabil end net worth time market capitalis compani suffer loss year larg dram produc regist profit gener consid good year dram industri major hynix liabil come due compani face intens liquid problem independ analyst brokerag hous time compani gener suffici cash flow asset dispos pai matur liabil circumst profit maximis bank oper normal commerci condit voluntarili particip loan enorm risk default ampl evid record particip syndic loan pressur particip restructur hynix debt record evid particip kookmin bank requir lend directli quot troubl corpor borrow quot specif statement secur exchang commiss unit state kookmin state quot korean govern promot matter polici continu promot lend type borrow gener request bank particip remedi program troubl borrow hynix identifi sector economi wish promot make low interest loan bank financi institut lend borrow sector govern manner promot low incom mortgag lend lend technolog compani expect loan made pursuant govern polici review accord credit review polici govern polici influenc lend sector manner absenc govern polici quot clear kookmin refer hynix mention quot troubl borrow quot bank annual report list hynix singl largest financi troubl borrow kookmin gok invest enterpris subject audit inspect gok board audit inspect pressur compli gok polici particip syndic loan pressur gok assist hynix respect recit definit regul extens inform extent gok put pressur korea bank kfb provid ongo financ hynix high level econom ministeri meet novemb gok step quot allevi hynix cash crunch quot waiv statutori credit limit kfb keb kdb panel examin evid relat kfb commiss conclud involv neglig panel found gok tactic emploi relat keb amount direct gok own kfb reason conclud gok posit exert influenc kfb relat decis particip syndic loan kdb public bodi keb found panel direct gok particip bank syndic loan reliabl commerci benchmark bank part syndic loan subject similar pressur gok gok put direct pressur shinhan koram bank extens export credit arrang made time syndic loan bank conclud expos hynix revers earlier decis increas export credit ceil hynix respons fss offici criticis move quot unthink quot gok held shinhan largest sharehold exert consider influenc bank clear shinhan act commerci increas loan loss reserv hynix continu assist compani offer legitim credit risk analysi assist koram bank face gok threat bank refus purchas hynix cb decid financi sound respons bank decis purchas bond fss offici rebuk koram languag uncharacterist govern appar uninvolv credit decis offici state quot koram honour agreement forgiv bank quot state fss stern measur bank disapprov financi instrument subject bank tighter audit result threat koram bank capitul revers decis time increas loan loss reserv hynix offer legitim credit analysi provid financi assist remain bank particip syndic loan chohung bank woori bank nacf seoul bank kwangju bank peac bank kyongnam bank industri bank korea gok own credit decis taint gok polici hous commerci bank gok share admit govern direct credit decis sworn statement sec final pusan bank gok ownership order fss fire replac execut increas paid capit usd million end march quot slash manpow number branch organis dispos ail subsidiari quot fss sanction current offici mismanag degre gok control pusan bank bank decis particip syndic loan consid safe commerci benchmark citibank seoul benchmark determin commerci reason particip syndic loan reason set recit definit regul citibank seoul fail cooper investig forc commiss reli fact particip citibank seoul evid record discuss recit definit regul reflect unusu close relationship gok citibank call question imparti citibank lend hynix citibank financi advisor hynix restructur inher conflict respect particip lend hynix financ hynix prior hynix financi advisor fourth panel recognis citibank serv basi determin loan hynix made basi commerci consider final import note hynix default interest payment syndic loan loan note recit definit regul hynix servic syndic loan receiv januari base forego conclud particip syndic loan serv benchmark measur commerci reason amount benefit hynix portion loan provid keb kdb basi particip keb kdb syndic loan consid countervail subsidi benefit hynix set recit definit regul subsidi amount countervail syndic loan order avoid doubl count syndic loan amount subsequ roll octob measur amend find regard measur calcul amount benefit panel found para report calcul amount benefit confer financi contribut inconsist articl scm agreement gok rais claim challeng quot quot provis basic regul guidelin relat calcul amount benefit panel report address ec appli provis calcul amount benefit respect measur issu proceed definit regul panel consid ec act inconsist articl scm agreement take start point amount benefit confer financi contribut gener form loan guarante equiti calcul financi contribut grant irrespect term condit panel reason calcul amount benefit base benefit recipi cost provid reason provis case fund hynix form loan guarante equiti benefit hynix fund provid form grant panel reason fund debt hynix balanc sheet rise dilut ownership claim exist sharehold hynix panel consid matter wto law correct start point ec case search altern benchmark base calcul amount benefit panel refer para report quot compar commerci loan firm obtain market quot articl scm agreement quot compar commerci loan absent govern guarante quot articl scm agreement panel refer call quot junk bond quot quot vultur fund quot panel observ circumst absenc compar benchmark investig author entitl consider leewai adopt reason approach calcul amount benefit hynix light panel find relev financi contribut measur issu commiss examin relev fact evid record take account submiss interest parti specif respect altern benchmark includ quot junk bond quot quot vultur fund quot relev financi contribut redetermin amount benefit hynix commiss examin made redetermin respect substant procedur matter confirm panel report found panel inconsist scm agreement includ limit hynix financi situat worth condit dram market condit financi market fact commiss limit specif issu subject panel find avail altern benchmark make redetermin commiss base calcul subsidi quot benefit recipi quot quot cost govern quot standard requir articl basic regul consist panel reason determin definit regul commiss establish practic regard commiss note kei featur scm agreement articl uruguai round confirm quot benefit recipi quot standard prevail quot cost govern quot standard commiss note gener lead higher amount subsidi requir comparison commerci government fund commiss note quot cost govern quot approach gener expect lead higher amount subsidi quot benefit recipi quot approach consist panel reason commiss examin financi contribut quot perspect recipi quot commiss mean object examin inform record case commiss enquir subject state mind hynix execut time enquir object amount benefit compani hynix situat time calcul amount benefit perspect recipi entail switch object subject basi enquiri keic guarante export credit extens amount usd million panel summaris fact keic guarante term quot action found subsidi extens guarante korea export insur corpor keic offici export credit agenc korea keic export insur guarante manag risk oversea transact januari hynix creditor bank increas ceil export credit facil document accept provid hynix usd million usd billion increas usd million keic grant short term export credit insur extend limit transact hynix oversea subsidiari word hynix collect foreseen payment export transact bank concern hold document affili import countri destin make payment good concern directli bank hynix pai keic premium guarante pai interest bank concern amount withdrawn import make final payment keic insur cover amount due bank collect due bankruptci export import quot panel found ec reach reason reason conclus basi record keic guarante confer benefit hynix recal keic hesit provid guarante hynix debt need guarante gok amount benefit panel report ec matter wto law examin question avail altern benchmark calcul benefit hynix panel observ question benefit case govern guarante examin angl reason method enquir amount benefit measur compar guarante provid govern compar guarante provid market reason method articl basic regul gener correspond articl scm agreement refer govern loan articl basic regul gener correspond articl scm agreement refer loan guarante govern case quot loan guarante govern quot revolv amount debt outstand time ow hynix group affili import countri export bank respect export transact payment made fund advanc bank hynix financi contribut consider relat extens facil usd million facil ceil usd billion commiss examin extens record case consid relev benchmark amount benefit calcul commiss consid hynix receiv loan time usd million increas grant record demonstr commerci compar lend provid commiss look verifi evid cost term compar commerci guarante quot compar commerci loan absent govern guarante quot hynix firm situat compar hynix conclud relev time compar commerci loan ideal approxim size relat similar sector econom activ involv compar type activ export credit insur conclud approxim time involv govern guarante express impli involv firm compar financi situat hynix conduct examin commiss determin reliabl inform record matter commiss found benchmark hynix loan provid hynix gener provid gok bank entrust direct gok rate syndic loan inappropri benchmark reason state recit lend citibank seoul benchmark reason state recit citibank particip insuffici signific influenc particip lender gok distort interest ssb hynix financi advisor long term relationship gok event citibank cooper investig hynix financi condit hynix specif benchmark data record loan compani similar financi condit hynix inform hynix obtain obtain relev fund market keic export credit guarante programm kdb debentur programm effect period hynix measur uncreditworthi hynix dismal financi condit worsen markedli compani suffer net loss krw trillion year end hynix total indebted krw trillion hynix current ratio measur degre firm current asset cover current liabil hynix net profit margin fell minu dram industri perform minu hynix unabl gener adequ cash flow cover exist debt debt market analyst agre hynix creditworthi period hynix standard amp poor rate march ccc august quot select default quot octob januari ub warburg explain hynix quot debt refinanc agreement kdb put evil dai solv hynix core problem profit pai debt suffici fast rate intern cash flow asset dispos quot ub warburg subsequ state hynix lack product divers concern hynix excess focu commod dram contribut quot deterior fundament quot half similarli februari deutsch bank posit cash flow problem bluntli quot critic concern hynix ongo cash flow concern view korean govern give compani hynix financi crisi continu carri heavi burden abil recov dram sector capit intens sector semiconductor constant requir upgrad technolog process quot februari articl korea herald market expert state quot fact credit risk pronounc haunt investor don fluent capit flow corpor bond rate bbb quot coincid earli period keic guarante kdb debentur programm articl point yield differ invest grade bond junk bond conclud quot investor continu shun low grade corpor bond expand spread high credit bond call junk bond widest margin quot press report june state quot investor start gaze asian credit curv lack nerv ey corpor rate bottom rung invest grade bbb minu compani strong cash flow abil servic debt growth prospect make quot report state quot half year imposs compani issu junk bond base credit junk bond market exist primari collateralis bond oblig collater loan oblig govern initi bond refinanc plan quot commiss confirm origin find hynix fell short invest grade requir investor junk bond market ip type capit market refer panel inaccess compani prospect weak hynix inform record permit establish reliabl benchmark respect market commiss posit object conclud altern commerci benchmark case circumst commiss find amount benefit hynix exce full amount loan compound interest cost recoveri attempt recoveri event default reliabl inform record addit cost commiss confin full amount loan commiss believ conclus fulli support unchang determin financi situat worth hynix situat dram market financi market consist basic regul guidelin mind wto panel reason commiss exception reason consid absent relev benchmark serv basi proxi benchmark adjust account circumst case proxi base commerci interest rate addit risk premium reflect default rate compani exhibit compar risk calcul account term loan benchmark interest rate paid creditworthi compani probabl default uncreditwothi compani period time probabl default creditworthi compani period time approach premis commonli understood notion lender make loan compani consid uncreditworthi lender face higher probabl borrow default repay loan consequ higher default probabl lender charg higher rate interest proport increas probabl default essenti entail take interest rate market creditworthi borrow ad quot risk premium quot order account increas risk lend compani creditworthi purpos implement panel report case commiss formula calcul uncreditworthi benchmark interest rate ib qn pn term loan ib benchmark interest rate uncreditworthi borrow long term interest rate paid creditworthi compani pn probabl default uncreditworthi compani year qn probabl default creditworthi compani year purpos implement commiss creditworthi commerci rate usd loan averag usd lend interest rate imf intern financi statist servic credit receiv hynix virtu guarante short term measur consider guarante fact form roll credit commiss data moodi investor servic obtain default rate creditworthi uncreditworthi compani uncreditworthi rate commiss likelihood default compani credit rate caa term relev measur year keic guarante similarli commiss default rate creditworthi compani term measur question calcul base cumul data invest grade compani rate default uncreditworthi compani year moodi rate default creditworthi compani year led total interest rate contrast interest rate payabl hynix usd loan question total interest differenti commiss recal determin benefit equival full amount financi contribut case loan loan guarante commiss treat quot recur quot subsidi alloc period time normal depreci fix asset industri concern commiss straight line alloc increas total amount benefit quot time monei quot method add interest annual alloc portion case alloc period year addit cost ad full amount loan explain recit mean financi contribut alloc year commiss interest rate comparison recit benefit differ benchmark actual interest rate consid recur subsidi amount subsidi alloc year interest rate differenti multipli fact amount loan depend size interest rate differenti term condit loan length depreci period annual benefit obtain make interest rate comparison bigger smaller result applic commiss origin approach case commiss origin approach result alloc annual benefit financi contribut depend exact term loan beneficiari repai interest capit interest year amount reach interest rate differenti year actual interest differenti case mean strict applic method result higher rate countervail subsidi alloc turnov fact origin calcul commiss commiss consid origin approach reason case extrem case commiss determin amount benefit equival full amount loan realist possibl repay circumst usual benchmark interest rate extrem high interest rate differenti give higher amount benefit simpl alloc face amount loan time circumst commiss conserv option order exagger amount subsidi treat face amount loan basi cap maximum amount benefit basi amount benefit confer keic guarante ad valorem export turnov kdb debentur programm panel summaris fact kdb debentur programm term quot programm found constitut subsidi korea kdb debentur programm hynix admit januari programm essenti last year set govern respons financi instabl korea caus fact larg amount bond issu compani includ hynix due matur simultan programm matur debt roll packag investor particip compani repaid corpor bond fall due kdb assum remain constitut phase programm origin assum kdb bond sold compani creditor bank proport debt exposur compani packag sale investor collateralis bond oblig cbo collateralis loan oblig clo guarante korea credit guarante fund kcgf kdb retain remain particip compani repurchas cbo clo note compani programm nomin main creditor bank need approv creditor financi institut council cfic base assess compani financi futur cfic consist repres kcgf kdb creditor bank cfic ultim decid particip programm bank hold loan compani agre particip compani programm cfic consid decis unanim programm compani repai matur bond normalis busi oper rescu plan credit rate higher bb agre chang major sharehold request creditor bank replac manag case insolv hynix admit programm januari credit rate bbb total compani admit includ hynix belong hyundai group ec found bond purchas kdb part programm constitut financi contribut govern confer benefit hynix panel found ec reach reason reason conclus basi record kdb debentur programm confer benefit hynix recal kdb debentur programm set effect guarante gok amount benefit panel report commiss matter wto law examin question avail altern benchmark panel observ question benefit case govern guarante examin angl appli guidelin contain articl scm agreement investig author entitl consider leewai kdb debentur programm exhibit characterist guarante entir measur set sponsor effect guarante gok gok public bodi reason method enquir amount benefit measur compar guarante provid govern compar guarante provid market kdb debentur programm consid light articl basic regul gener correspond articl scm agreement refer govern loan articl basic regul gener correspond articl scm agreement refer loan guarante govern commiss examin record relev benchmark amount benefit calcul look verifi evid compar govern guarante quot compar commerci loan quot quot compar commerci loan absent govern guarante quot hynix firm situat compar hynix conclud relev time compar commerci loan ideal approxim size relat similar sector econom activ involv compar type activ conclud approxim time involv govern guarante express impli involv firm compar financi situat hynix conduct examin commiss determin commerci benchmark meet criteria case hynix sell corpor bond commerci market time particip kdb debentur programm fact threshold criteria particip kdb debentur programm compani question obtain loan sell bond normal commerci market note recit definit regul hynix provid evid record access foreign debt market period addit fact intern rate agenc standard poor downgrad hynix debt specul rate quot quot make hynix access foreign bond loan market korean govern note januari hynix quot state technic insolv quot lend hynix period kdb roll hynix matur bond serv basi measur benefit hynix exist reason note recit loan provid part syndic loan serv basi comparison lend made pursuant syndic loan distort govern intervent loan serv reason commerci benchmark measur benefit occur amount benefit regard commiss recal syndic loan made gok waiv lend limit kei particip loan particip bank syndic unclear loan forward significantli undersubscrib convert bond purchas privat bodi part restructur programm serv benchmark evid record rise level suffici find entrust direct level govern involv make particip privat creditor inappropri measur commerci reason cb purchas creditor bank acknowledg creditor financi institut resolut hynix unabl servic debt gok heavili involv overse complet cb offer high level fss offici attend march meet creditor council compar commerci loan serv benchmark conclud approxim period time cb offer place month kdb debentur programm hynix financi situat state dram market markedli compar commerci benchmark market contrari inform hynix obtain relev fund market commiss posit object conclud altern commerci benchmark case circumst commiss find amount benefit hynix exce full amount fund obtain hynix result oper kdb debentur programm compound interest cost recoveri attempt recoveri event default reliabl inform record addit cost commiss confin full amount fund commiss believ conclus fulli support unchang determin financi situat worth hynix situat dram market financi market consist basic regul guidelin mind wto panel reason commiss consid avail commerci benchmark serv basi proxi benchmark adjust account circumst case proxi calcul line recit respect keic guarante purpos calcul suggest gok commiss creditworthi rate krw loan imf intern financi statist rate short term krw denomin lend default rate creditworthi uncreditworthi compani term measur question moodi investor servic led total interest rate contrast averag interest rate payabl hynix kdb debentur question total interest rate differenti view financi contribut recur subsidi recur subsidi alloc time appli model calcul amount benefit financi contribut consider lead amount benefit krw billion result countervail subsidi alloc turnov origin calcul commiss commiss consid origin approach reason case interest rate differenti give higher amount benefit simpl alloc face amount loan time circumst commiss conserv option order exagger amount subsidi treat face amount loan basi cap maximum amount benefit take amount fund obtain hynix result oper kdb debentur programm cap maximum amount benefit commiss find amount benefit hynix financi contribut issu ad valorem turnov octob rescu packag consist debt equiti swap roll debt provis loan krw billion panel summaris fact octob restructur programm term quot final programm consid constitut subsidi octob restructur programm octob hynix cfic set accord provis corpor restructur promot act crpa crpa enact august purpos facilit corpor restructur base agreement creditor bank compani concern cfic consist financi institut includ bank invest trust compani decis cfic major vote alloc proport institut exposur total loan hynix financi institut exercis dissent right disagre cfic resolut exclud cfic perman meet held octob cfic decid quot restructur packag quot hynix measur propos provis loan krw trillion hynix interest rate debt equiti swap provis bond convert share extend matur exist loan decemb convert matur corpor bond corpor bond year matur interest rate adjust interest rate remain loan korean currenc financi institut option cfic octob meet option agre propos extend credit particip debt equiti swap option bank particip loan oblig swap loan equiti waiv rest hynix debt option thirdli cfic decid bank object measur dissent right loan purchas back liquid establish arthur andersen firm commiss conduct studi financi situat hynix time option bank agre extend credit amount krw billion plan krw trillion bank swap consider amount loan equiti call option bank keb woori bank chohung bank kdb nacf citibank bank refus extend loan swap approxim loan equiti wrote rest loss remain bank object restructur elect receiv liquid loan write remain debt loss loan remain bank categori subject matur extens interest rate cut explain ec consid particip option bank octob restructur programm constitut financi contribut govern confer benefit hynix rate subsidis octob restructur programm calcul panel found ec reach reason reason conclus basi record octob restructur programm confer benefit hynix amount benefit panel report ec matter wto law examin question avail altern benchmark debt equiti swap panel approach question benefit case govern provis equiti capit appli guidelin contain articl scm agreement investig author entitl consider leewai commiss consid debt equiti swap octob restructur programm consid light articl basic regul gener correspond articl scm agreement refer govern provis equiti capit inconsist usual invest practic includ provis risk capit privat investor territori relev member commiss note unlik subparagraph subparagraph final sentenc provid guidanc amount benefit calcul commiss examin record relev benchmark amount benefit calcul look verifi evid compar privat provis equiti capit hynix firm situat compar hynix conclud relev time compar provis equiti ideal approxim size relat similar sector econom activ involv compar type activ conclud approxim time involv govern guarante express impli involv firm compar financi situat hynix conduct examin commiss determin verifi inform record matter commiss found benchmark hynix equiti provid hynix gener provid gok bank entrust direct gok compar commerci benchmark market contrari inform hynix obtain relev fund market note recit definit regul octob hynix credit rate standard amp poor quot sd quot select default hynix default interest payment syndic loan creditor bank rais loan loss provis hynix octob measur consider put place bank concern octob measur rate hynix intern quot precautionari quot quot doubt quot option bank involv debt equiti swap choic share effect wrote hynix debt complet gok suggest differ swap price paid market price serv amount benefit ignor realiti hynix abysm financi situat invest compani sd rate conclus set recit definit regul support find compar equiti financ serv benchmark hynix commerci market confirm commiss posit object conclud altern commerci benchmark case circumst commiss find amount benefit hynix exce full amount fund obtain hynix result oper debt equiti swap octob restructur programm commiss believ conclus fulli support unchang determin financi situat worth hynix situat dram market financi market consist basic regul guidelin mind wto panel reason commiss consid relev benchmark method amount benefit adjust account circumst case commiss consid uncreditworthi analysi conduct respect debt provid basi comparison precis financi contribut concern equiti fundament type measur debt commiss consider possibl circumst present reassess cost recipi receiv financi contribut account commiss note order examin cost swap point view recipi oblig impos compani issu equiti consid commiss note respect inject ordinari share capit gener impos oblig compani fix rate return compani achiev fact payment made compani theoret oblig distribut profit part thereof sharehold return equiti ratio roe provid indic level return compani expect provid sharehold calcul amount benefit hynix roe hynix minu calcul refer financi statement year basi object evalu hynix financi stand time debt equiti swap unreason expect hynix posit distribut sort return sharehold relev year roe benchmark conclud entir amount debt equiti swap countervail subsidi commiss examin cost hynix surrend ownership share result swap cost hynix potenti dilut share price result issuanc share base review record evid commiss net benefit hynix full debt equiti swap diminish result issuanc share regard commiss believ essenti recognis impact debt equiti swap hynix financi situat threshold matter kei recognis straight equiti infus fundament benefit hynix result massiv amount debt extinguish result swap krw billion effect absolv hynix repai princip amount pai interest massiv amount debt replac equiti share issu option creditor bank real quantifi cost hynix issu share exist share valu dilut result issuanc absolut balanc sheet impact hynix result cash outlai expens issuanc share oblig hynix sort cash payment futur case debt instrument light consider hynix report cost issuanc equiti approach measur benefit debt equiti swap full amount swap result benefit hynix krw billion countervail subsidi alloc turnov ii debt roll loan commiss consid debt roll loan octob restructur programm consid light articl basic regul gener correspond articl scm agreement refer amount firm pai compar commerci loan firm obtain market commiss examin record relev benchmark amount benefit calcul look verifi evid compar commerci loan hynix firm situat compar hynix conclud relev time compar commerci loan ideal approxim size relat similar sector econom activ involv compar type activ conclud approxim time involv govern guarante express impli involv firm compar financi situat hynix bond purchas part restructur programm serv basi determin commerci reason loan debt roll hynix financi situat deterior substanti octob situat consid compar conduct examin commiss determin verifi inform record matter commiss found benchmark hynix loan provid hynix gener provid gok bank entrust direct gok compar commerci benchmark market contrari inform hynix obtain relev fund market commiss posit object conclud altern commerci benchmark case circumst commiss find amount benefit hynix exce full amount fund obtain hynix result oper debt roll loan octob restructur programm commiss believ conclus fulli support unchang determin financi situat worth hynix situat dram market financi market consist basic regul guidelin mind wto panel reason commiss consid absenc relev benchmark method amount benefit adjust account circumst case respect methodolog outlin recit calcul amount benefit receiv hynix measur purpos calcul commiss creditworthi rate krw loan averag bank korea interest rate invest grade corpor bond default rate creditworthi uncreditworthi compani term measur question moodi investor servic rate default uncreditworthi compani year term loan roll rate default creditworthi compani year led total interest rate contrast interest rate payabl hynix loan roll interest rate differenti view financi contribut recur subsidi recur subsidi alloc time appli model calcul amount benefit financi contribut consider lead amount benefit krw billion loan krw billion roll result countervail subsidi alloc turnov loan roll compar origin calcul commiss commiss consid origin approach reason case interest rate differenti give higher amount benefit simpl alloc face amount loan time circumst commiss conserv option order exagger amount subsidi treat face amount loan basi cap maximum amount benefit basi consider commiss determin amount benefit hynix ad valorem turnov measur note relat debt roll contrari recit definit regul amount cb purchas option bank deduct measur longer countervail iii total subsidi octob rescu packag subsidi amount calcul debt equiti swap debt roll loan consid confer larg recur benefit spread year period normal depreci period asset dram industri result amount alloc hynix turnov ip interest base averag commerci rate applic korea ip ad revis amount express ad valorem total subsidi amount summari calcul total amount subsidi revis basi panel recommend type subsidi extens kdb debentur programm cb purchas debt roll octob rescu packag total injuri introduct part set reassess find base recommend panel report evalu factor quot wage quot relev factor affect state commun industri mean articl basic regul gener correspond articl scm agreement find injuri remain establish origin investig set provision regul definit regul wage origin investig ec consid evalu wage factor found wage irrelev injuri determin panel found quot written record analyt process undertaken investig author evalu quot wage quot examin adequ reason explan provid fact support injuri determin made ec determin consist articl written record forc embark post hoc specul thought process investig author arriv ultim conclus standard review articl dsu prevent embark exercis quot panel conclud ec act inconsist articl scm agreement evalu quot wage quot factor examin impact subsidis import state domest industri light panel find commiss review inform record commun wage isol injuri factor set articl basic regul written record evalu wage factor commiss examin averag cost wage employe commun industri ip prior year index result shown tabl averag cost wage employe ip index tabl show averag cost commun industri wage salari period consider vari decreas increas time increas compar increas increas lower increas total hourli labour cost euro area period unusu develop wage relev period develop limit effect financi situat domest industri commiss recal dram capit intens product labour limit contribut cost product recit small increas wage effect financi situat commun industri neglig impact consider wage factor factor refer articl basic regul alter conclus commun industri suffer materi injuri conclus base forego conclus set recit definit regul commun industri suffer materi injuri mean articl basic regul confirm causat introduct part set reassess find base recommend panel report attribut subsidis import injuri caus factor declin demand overcapac subsidis import mean articl basic regul panel determin paragraph report preclud conclus causal relationship subsidis import materi injuri suffer commun industri ad satisfactori explan natur extent injuri effect factor prefer quantit analysi distinguish effect subsidis import requir declin contract demand econom downturn articl basic regul gener correspond articl scm agreement requir examin factor subsidis import time injur commun industri attribut injuri caus factor subsidis import factor refer quot contract demand quot panel found paragraph report ec fail make injuri caus quot declin demand quot attribut subsidis import conclus reach light panel find paragraph report treat quot declin demand quot synonym quot gener econom downturn quot ec consumpt ip dram mbit index commiss recal thing equal demand willing abil obtain amount good gener consid equival consumpt actual physic process good irrespect level trade tabl set ec consumpt relev period term mbit unit measur disput panel appear tabl actual consumpt commun dram increas constantli significantli period consider incorrect alleg level demand dram commun declin period relev argument impact quot declin demand quot injuri situat commun industri price rais gok hynix irrelev shown level demand increas respect claim gok hynix alleg declin demand affect commun industri price unfound light fact declin level demand contrari subsidis import signific impact price commun industri injuri condit recit definit regul hynix gok note worldwid demand dram grew compar averag year year growth rate appar contend huge slowdown growth rate demand recit definit regul commiss agre hynix gok correctli point dram market cyclic recit definit regul cyclic market demand growth rate vari sharpli year unreason expect growth rate demand year reflect averag growth rate demand entir busi cycl reason assess demand growth slow significantli take account cyclic natur market compar growth rate demand cyclic trough averag growth demand trough previou cycl hynix gok made argument submit data support comparison record evid support conclus growth rate demand slow significantli cyclic natur dram market consid growth rate demand commun slow compar actual growth rate observ previou year demand dram commun measur term ec consumpt increas constant increas demand period consider increas declin trend demand growth rate remain signific ip declin trend demand growth pronounc demand growth declin percentag point ip demand growth declin percentag point evolut demand growth assess comparison evolut sale price commun industri primari injuri commun industri period consider recit definit regul demand growth declin sizabl averag sale price commun industri drop convers ip demand growth declin moder averag sale price commun industri plummet recit relev tabl provision regul slow demand growth injuri expect sale price commun industri declin sharpli period demand growth declin steepli record evid show relationship trend demand growth trend sale price commun industri conclud appar link demand growth sale price commun industri slow demand growth contribut injuri suffer commun industri approach consist find recent wto panel review determin respect attribut wto panel upheld attribut find record evid show factor concern caus injuri trend factor independ trend kei indic domest industri specif steel panel note fact appear support investig author find respect hot roll bar cost increas caus injuri trend oper margin kei measur profit unrel trend cost good sold cog similarli panel conclud investig author find respect stainless steel bar demand factor injuri satisfi attribut requir panel note investig author met requir quot reason adequ explan quot simpli show trend demand connect trend kei variabl attest condit domest industri commiss view redetermin satisfi attribut requir articl basic regul gener correspond articl scm agreement respect demand growth show period consider trend demand growth independ trend sale price commun industri commiss view redetermin satisfi attribut requir respect declin level demand show period consider demand declin place overcapac panel note paragraph report question separ distinguish effect overcapac drive price address irrespect blame overcapac commiss note quot overcapac quot expressli refer articl basic regul gener correspond articl scm agreement concept discuss provision definit regul invok interest parti rel concept depend capac capac level demand quot overcapac quot aris capac increas demand fall quot overcapac quot factor injuri examin context world market context commun market commiss consid situat set recit provision regul recit definit regul overcapac exist worldwid number year includ period consider major chang overcapac situat observ period consider end period lead ip worldwid overcapac assert pressur price period consider contribut injuri suffer commun industri find disput parti concern set recit provision regul worldwid overcapac estim approxim market hynix account worldwid product ip hynix virtual bankrupt ip remain afloat subsidi provid gok conclud worldwid overcapac situat artifici maintain subsidis hynix effect worldwid overcapac injuri situat commun industri channel hynix subsidis import effect analys recit provision regul recit definit regul respect effect worldwid overcapac creat hynix consid factor separ effect subsidis import event effect worldwid overcapac consid separ effect subsidis import observ inform questionnair respons produc dram cooper origin investig samsung hynix infineon micron repres worldwid dram market show total capac mbit increas ip total product mbit increas line ip word capac product major worldwid produc increas significantli good year commun industri maintain price stabil made profit ip commun industri suffer signific loss collaps price recit relev tabl provision regul exist worldwid overcapac period consider commiss view contribut significantli collaps price materi injuri suffer commun industri ip addit record evid show commun overcapac factor injuri commun capac tripl increas doubl increas addit commun capac accompani increas commun product capac utilis commun drop recov recit relev tabl provision regul trend commun overcapac defin invers commun capac utilis show correl trend sale price commun industri commun overcapac rose sale price commun industri fell commun overcapac sale price commun industri plummet recit relev tabl provision regul conclud rise overcapac correl fall price level signific increas overcapac result sever price depress contract overcapac led rise price degre price stabil record evid show opposit mild price depress signific increas overcapac substanti price depress contract overcapac stand sharp contrast close correl trend price subsidis import trend sale price commun industri fact trend sale price commun industri mirror perfectli trend price subsidis import period drop recit provision regul record evid show trend commun overcapac bear correl trend kei indic condit commun industri profit commun industri rise return invest cash flow posit spite signific increas commun overcapac contrast commun industri suffer heavi loss return invest cash flow neg spite contract commun overcapac perform commun industri term profit return invest cash flow correl trend price subsidis import period note commun industri suffer heavi loss neg cash flow return invest price subsidis import decreas hynix claim commun overcapac factor contribut materi injuri period consider trend commun overcapac show neglig correl trend condit commun industri commiss conclud commun overcapac consid factor materi injuri commun industri commun overcapac advers affect condit commun industri distinguish alleg injuri caus capac injuri caus hynix import commiss believ find consist find recent wto panel review determin respect attribut recit review demonstr causal relationship overcapac price declin injuri commun industri contrast commun industri suffer sever declin period subject import price plummet subject import volum reach peak penetr commun market contrast establish subject import volum price effect separ distinguish materi injuri commun industri compar overcapac subsidis import panel note paragraph report requir subsidis import countri countri basi panel note paragraph satisfactori explan natur extent injuri effect subsidis import distinguish injuri effect subsidis import provid effect subsidis import examin jointli import countri korea unit state japan taiwan import samsung recit provision regul recit definit regul provid growth rate import volum market share averag price subsidis import period consider data state aggreg index form limit number player dram market reason confidenti indic show evolut trend ip subsidis import mbit market share subsidis import averag price subsidis import period consider subsidis import increas significantli subsidis import oppos recit relev tabl definit regul note period commun consumpt increas rate growth subsidis import fraction rate growth commun consumpt subsidis import increas excess commun consumpt period consider market share subsidis import contract whilst market share subsidis import expand recit relev tabl definit regul market share subsidis import heavili declin period consider shown fact conclud subject import injur commun industri reason volum effect record evid subject import injur commun industri reason price effect ip price subsidis import exceed price subsidis import sale price commun industri ip averag price subsidis import higher averag price subsidis import higher averag sale price commun industri addit period consider price subsidis import fell price subsidis import commun industri period consider averag price subsidis import decreas contrast period averag price subsidis import decreas recit relev tabl definit regul averag sale price commun industri recit relev tabl provision regul basi fact conclud price subsidis import affect advers sale price commun industri case overcapac demonstr causal relationship subject import price declin injuri commun industri time clear deterior commun industri perform subject import volum steadili increas subject import price undercut commun product contrast establish subject import volum price effect separ distinguish materi injuri commun industri compar subject import commiss view redetermin satisfi attribut requir articl basic regul gener correspond articl scm agreement respect subject import separ distinguish factor subsidis import show period consider subject import materi injuri commun industri term volum effect term price effect conclus separ analys effect declin demand overcapac subsidis import consid injuri caus factor attribut subsidis import mean articl basic regul confirm subsidis import effect set recit provision regul recit definit regul caus materi injuri commun industri mean articl basic regul commun interest content conclus reach recit definit regul remain unaffect panel report revis measur panel report reassess find concern samsung found subsidis attribut duti rate origin investig revis subsidi amount hynix found lower injuri elimin level establish origin investig revis countervail duti rate base revis subsidi amount express ad valorem note revis duti rate hynix appli duti regul ec gok hynix commun produc infineon micron receiv disclosur reassess find opportun comment heard submit comment gok gener submit revis find address panel recommend commiss agre reason set regul commiss agre revis duti necessarili lower origin duti note event gok specif submit commiss bank syndic loan benchmark commiss disagre reason set recit gok submit commiss made benchmark calcul differ light gok comment commiss made adjust calcul reflect regul reason set regul aspect calcul remain unchang final gok submit commiss injuri redetermin separ distinguish effect factor respect econom downturn overcapac subsidis import commiss disagre reason set recit hynix align submiss gok discuss preced recit addit hynix submit period time duti impos termin januari matter subject disput recommend wto panel part quot measur compli quot panel recommend encapsul regul regul alter impend expiri date definit regul question earli termin measur fall ambit eventu interim review ambit implement panel report hynix submit revis rate duti appli retroact date measur impos commiss similarli consid issu part quot measur compli quot event agre relev legal rule oblig commiss appli revis duti retroact panel limit recommend measur brought conform achiev present regul infineon substanti agre redetermin submit commiss impos higher duti base proxi benchmark origin injuri determin lower duti set regul commiss carefulli consid request reason set regul due specif purpos regul notabl implement panel recommend commiss alter initi determin point micron substanti agre redetermin refer respect fact evid tend confirm corrobor commiss conclus includ expert report prepar professor hausman micron comment necessit modif conclus micron submit commiss reaffirm base current wto preced gok entrust direct bank restructur programm countervail subsidi provid public bodi commiss carefulli consid submiss principl merit note regul restructur programm event countervail largest proport benefit account octob measur reason commiss decid return issu implement regul comment submit interest parti consid account comment scope regul intend implement dsb recommend comment result regul adopt regul articl council regul ec amend articl replac quot rate definit countervail duti applic net free commun frontier price duti korean produc rate duti taric addit code samsung electron samsung fl samsung main bldg ga taepyeong ro jung gu seoul hynix semiconductor daechidong kangnamgu seoul compani present member state custom author custom declar releas free circul multi combin form dram declar box singl administr document sad refer number product origin descript tabl rate definit countervail duti applic net free commun frontier price duti product origin descript refer number rate duti multi combin form dram origin countri republ korea incorpor dram chip mount dram origin countri republ korea origin republ korea manufactur samsung multi combin form dram origin countri republ korea incorpor dram chip mount dram origin republ korea manufactur compani samsung repres net free commun frontier price multi combin form dram multi combin form dram origin countri republ korea incorpor dram chip mount dram origin republ korea manufactur compani samsung repres net free commun frontier price multi combin form dram multi combin form dram origin countri republ korea incorpor dram chip mount dram origin republ korea manufactur compani samsung repres net free commun frontier price multi combin form dram multi combin form dram origin countri republ korea incorpor dram chip mount dram origin republ korea manufactur compani samsung repres net free commun frontier price multi combin form dram multi combin form dram origin countri republ korea incorpor dram chip mount dram origin republ korea manufactur compani samsung repres net free commun frontier price multi combin form dram multi combin form dram origin countri republ korea incorpor dram chip mount dram origin republ korea manufactur compani samsung repres net free commun frontier price multi combin form dram quot articl replac quot case indic refer number sad foreseen paragraph custom declar accompani statement case requir paragraph multi combin form dram contrari prove consid origin republ korea manufactur compani samsung countervail duti rate appli case dram chip mount dram incorpor multi combin form dram mark manufactur identifi statement requir paragraph dram chip mount dram contrari prove consid origin republ korea manufactur compani subject countervail duti case countervail duti rate applic multi combin form dram calcul basi percentag repres net free commun frontier price dram chip mount dram origin republ korea net free commun frontier price multi combin form dram establish tabl contain paragraph number aforement dram chip mount dram determin multi combin form dram incorpor korean origin countervail duti rate appli multi combin form dram quot articl regul enter forc dai public offici journal european union regul bind entireti directli applic member state brussel april council presid plassnik oj oj regul amend regul ec oj oj regul amend regul ec oj oj wt ds oj regul ec amend definit regul purpos adopt special provis order ensur countervail duti properli levi product concern panel report paragraph panel report paragraph base panel find purchas cb public bodi involv restructur programm remain countervail subsidi action requir point benefit account subsidi found confer octob restructur programm recit seq panel report paragraph panel report paragraph panel report paragraph panel report paragraph footnot panel state examin particip import quot emphasis impli necessarili end point analysi determin behaviour market player distort govern intervent longer serv benchmark measur alleg govern distort quot definit regul recit kookmin bank prospectu offer american depositari share june attach micron technolog italia submiss provision regul emphasi ad kookmin bank annual report page quot bank fire reduc export credit ceil hei quot korea herald januari quot koram reluctantli continu financi support hynix quot korea time june footnot quot koran bk complet purchas krw hynix conn bond quot dow jone intern new june quot koram bank revers board decis financi supervisori servic warn sanction koram threaten break earlier rescu pact hynix quot kookmin amp cb prospectu septemb micron italia post hear submiss februari exhibit quot pusan kyongnam bank receiv condit approv fss quot korea herald januari footnot quot offici nflc pusan bank punish mismanag quot korea herald april provision regul recit panel report footnot quot true citibank subsidiari ssb govern own ec suffici demonstr close relationship govern specif role financi advisor hynix restructur make citibank inapt serv market benchmark assess govern financi contribut line normal market condit contrari confer benefit hynix small particip hynix citibank share total hynix loan octob preliminari deterimant paragraph quot guidelin calcul amount subsidi countervail duti investig offici journal european commun guidelin panel report paragraph panel report footnot panel report paragraph panel refer cost quot provid financi contribut quot govern korea privat bank direct panel report paragraph panel report paragraph panel report paragraph panel report paragraph panel report paragraph panel report paragraph panel report paragraph definit regul recit quot target ratio quot healthi firm ratio quot signal firm extrem financi distress quot expert report anthoni saunder commiss note hynix current ratio improv improv sole attribut octob restructur enabl hynix drastic reduc current portion long term debt current liabil footnot saunder report quot korea daili comment hyundai electron quot ub warburg januari micron italia februari post hear submiss exhibit quot hyundai electron quot ub warburg januari micron italia februari post hear submiss exhibit quot hyundai electron dig deeper hole quot deutsch bank februari micron italia februari post hear submiss exhibit korea herald februari reuter new june korea herald june cbo clo asset back secur sold invest trust preliminari determin paragraph preliminari determin paragraph panel report paragraph preliminari determin paragraph ec state budget programm krw trillion krw trillion earmark hynix eventu expenditur krw trillion krw trillion hynix hyundai compani quot panel report paragraph panel report paragraph panel report paragraph quot direct intervent govern support hynix quot korea econom daili august report discoveri korean nation assembl correspond korean econom minist keic direct keic provid assist hynix attach micron italia submiss provision regul state recit definit regul hynix origin request syndic loan krw trillion rais krw billion bank account krw billion krw billion total unabl particip gok specif permiss highli specul remain bank forward loan panel report paragraph panel report paragraph recit preliminari determin paragraph kdb particip loan krw billion preliminari determin paragraph quot panel report paragraph panel report paragraph panel report paragraph discuss panel opinion full amount debt equiti swap reflect full amount swap oblig hynix form surrend ownership share dilut share exist sharehold recit panel report paragraph panel report paragraph data obtain confidenti version questionnair respons financi statement commun produc total hourli labour cost euro area economi exclud agricultur public administr educ health servic increas ecb monthli bulletin decemb advers wage benefit effect suffer commun dram manufactur micron due financi loss caus substanti volum subsidis hynix import sold price caus substanti dram price depress octob micron suspend wage cost live increas addit micron execut reduct pai micron employe profit share programm quarterli profit share micron employe suspend senior staff reduct pai addit decemb employe mandatori leav week employe exhaust annual vacat allow unpaid micron post hear submiss februari addit wage benefit reduct februari micron compel lai compani wide workforc micron post hear submiss infineon quot oblig reduc number employe fourth quarter result loss relat subsidis import korea quot infineon post hear submiss march articl basic regul state quot list relev econom factor bear state industri exhaust factor necessarili give decis guidanc quot quot panel usitc correct conclud input cost injuri cog plai signific role situat domest industri expect oper profit increas cog decreas graph gener usitc data trend oper margin independ trend cog quot report panel unit state definit safeguard measur import steel product wt ds wt ds wt ds wt ds wt ds wt ds wt ds wt ds adopt decemb modifi appel bodi report ground paragraph panel state quot reluct prescrib amount reason adequ explan panel consid usitc demonstr linkag demand declin period investig injuri suffer case usitc explain oper margin relev injuri factor regard declin irrespect demand trend analysi bolster explan declin oper margin coincid increas import declin demand quot emphasi ad report panel unit state definit safeguard measur import steel product paragraph deriv confidenti questionnair respons compani cooper origin investig verifi publicli extern sourc gartner dataquest stat mdr gok letter date februari hynix letter date februari infineon letter date februari micron letter date februari exhibit includ expert report professor hausman date februari