council regul ec august impos definit countervail duti collect definit 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 octob protect subsidis import countri member european commun articl thereof regard propos submit commiss consult advisori committe provision measur pursuant commiss regul ec hereinaft refer quot provision regul quot provision countervail duti impos import commun electron microcircuit dram dynam random access memori origin republ korea recal investig subsidis injuri cover period januari decemb quot ip quot examin trend relev assess injuri cover period januari end ip quot period consider quot subsequ procedur subsequ disclosur essenti fact consider basi decid impos provision measur interest parti submit comment write accord provis articl regul ec hereinaft refer quot basic regul quot interest parti request hear grant opportun heard commiss commiss continu seek verifi inform deem definit find parti inform essenti fact consider basi intend recommend imposit definit countervail duti definit collect amount secur provision duti grant period make represent subsequ disclosur oral written argument submit parti consid provision find modifi product consider product comment receiv disclosur provision find definit product concern product conclus set recit provision regul confirm subsidi public regul impos provision countervail duti commun produc samsung electron quot samsung quot hynix semiconductor quot hynix quot govern korea quot gok quot korea exchang bank quot keb quot korea develop bank quot kdb quot citibank seoul woori bank nation agricultur cooper feder quot nacf quot shinhan bank submit comment commiss find subsidi measur comment syndic loan krw billion keic guarante export credit amount usd million kdb debentur programm purchas creditor bank krw trillion worth convert bond octob restructur packag gener issu import assess measur investig issu set introductori chapter introduct financi contribut govern issu constitut quot financi contribut govern quot central investig worth restat guid principl matter articl basic regul subsidi exist establish step financi contribut govern articl basic regul defin quot govern quot govern public bodi territori countri origin export articl iv basic regul financi contribut govern deem exist govern entrust direct privat bodi carri measur constitut contribut govern pursuant point ii iii articl financi contribut govern public bodi subsidi se confer benefit entiti determin public bodi default privat bodi govern direct shown articl iv basic regul subsidi govern ownership ownership compani concern consid quot public bodi quot govern ownership level creat quot rebutt presumpt quot public bodi level govern ownership import case import compon determin public bodi exist higher govern share find public bodi compani privat govern main sharehold difficult establish compani public bodi convinc evid contrari exist case compani consid privat bodi quot direct quot govern provid financi contribut shown articl iv basic regul convers govern largest major sharehold compani compani question consid public bodi relev criteria fulfil criteria account notion implicit dictionari definit public bodi institut authoris act behalf commun govern entiti distinct privat bodi presum act interest owner relev criteria account determin compani qualifi public bodi includ pursuanc public polici object normal remit privat organis includ instanc requir account nation region econom interest promot social object criteria commerci sens compromis normal object profit maximis govern control ownership higher govern ownership control exist demonstr govern influenc appoint govern review result determin object extent govern involv individu invest busi decis regard notion quot direct quot articl iv exist govern requir privat bodi carri function vest govern practic differ practic govern suffici show govern encourag facilit action encourag facilit factor consid ii cooper determin exist public bodi govern direct investig author bear burden proof make posit find find made basi posit evid take account total fact record author weigh fact accord consider appreci fact question due account accord articl basic regul failur parti cooper fulli investig case necessit inform sourc case appar gok fail provid number request document meet relat futur hynix gok fail inform commiss meet place spite clear request made end questionnair spot verif gok made awar consequ cooper accord articl basic regul view lack cooper addit take account relev gok document submit parti inform secondari sourc includ korean press inform view special circumspect gok hynix opportun comment practic cross check independ sourc comment final disclosur gok object conclus made withheld import inform relat document meet fulli cooper investig gok claim commiss pose imprecis question document meet cover commiss request note question pose questionnair individu measur investig verif visit clear unambigu refer specif gok involv meet measur investig assert gok inform cover question ask found convinc recal number korean bank fail cooper commiss investig koram bank citibank fail respond defici letter respons questionnair provid inform kookmin bank korea bank shinhan bank refus accept spot verif respons questionnair bank inform cooper advers effect outcom investig regard client hynix find made basi fact accord articl basic regul opportun comment consequ cooper made similarli hynix consid partial cooper investig failur financi advis cooper imped investig iii financi situat hynix gener remark recal financi situat hynix critic recent year includ investig period compani loss make year gener consid good dram industri note end hynix accumul usd billion liabil net worth time market capitalis compani major liabil matur compani face liquid problem gok recognis novemb quot cash crunch hyundai electron quot begin invest analyst morgan stanlei ub warburg predict compani gener cash intern cash flow asset dispos pai matur liabil octob bailout measur subject investig decid hynix debt time equiti financi ratio hynix call altman score model design specif predict failur korean compani wors korean compani fail hynix score higher threshold level compani sever financi distress hynix current quick ratio indic compani total inadequ liquid cover oblig hynix net profit margin return asset return equiti neg year net margin reach neg neg year compani cash flow oper cover sixth debt total liabil hynix requir addit cash flow krw trillion krw trillion meet debt repay schedul period januari ub warburg report firm report bankruptci concern depress hynix share investor concern hynix insuffici cash flow repai matur debt face potenti bankruptci refin debt financi account discount possibl futur financi success hynix state quot entir normalis compani oper requir continu support creditor bank sell price semiconductor product suffici recov quot fact histori futur hynix characteris depend financi assist creditor hynix ip reach point unabl financ oper return gener activ deterior situat hynix reflect credit rate begin januari rate hynix invest grade bbb korean rate agenc specul grade standard poor korean agenc downgrad hynix specul bb grade januari standard poor rate downgrad march ccc august quot select default quot quot sd quot octob highest rate assign standard poor aaa extrem strong capac meet financi commit aa rate capac strong suscept advers effect circumst econom condit capac meet financi commit strong bbb advers econom condit chang circumst lead weaken capac meet financi commit rate bb ccc cc regard signific specul characterist bb rate compani face major ongo uncertainti exposur advers busi financi econom condit lead compani inadequ capac meet financi commit advers busi financi econom condit impair compani capac meet financi commit ccc vulner payment depend favour busi financi econom condit meet commit cc mean compani rate highli vulner payment rate cover situat bankruptci petit file similar action payment oblig continu sd failur pai financi oblig sd assign compani expect default select continu pai class oblig pai worst rate default occur prospect rate rate aa ccc modifi addit minu sign show rel stand major rate categori highest categori aaa aa bbb gener recognis invest grade debt rate bb gener refer specul grade term quot junk bond quot irrever express categori riski debt iv public interest consider financi difficulti hynix consider increas acquisit subsequ merger lg semicon inform record acquisit subsequ merger lg semicon hynix base market principl forc gok part call quot big deal quot polici gok felt semiconductor compani weaken market situat want reduc consolid streamlin core compet compani result forc acquisit merger hynix lg debt pai consider amount acquisit price doubl liabil gok contribut worsen financi situat hynix hynix situat worsen merger wide perceiv gok felt compel protect hynix failur respons care quot big deal quot compani inform record gok consid hynix import korean economi left fail hynix account korean export emploi peopl greater number upstream downstream industri semiconductor nomin strateg export orient industri korea reason forc merger gok quot big deal quot polici novemb korea grand nation parti quot gnp quot complet studi gok mismanag fund recent year includ extens section bailout hynix hyundai compani gnp declar bailout hynix hyundai compani major setback effort bring market base reform gnp observ market principl hyundai group subsidiari includ hynix bound market principl troubl busi administr forc financi institut extend loan hyundai group mobilis gok invest bank gok fund invest institut extend consider amount hyundai group respect hynix gnp determin gok steer krw trillion usd billion public fund hynix gnp attribut hynix difficulti gok forc merger hynix lg semicon action undertaken total disregard market principl defend gok measur financ hynix gok offici state gok save compani strateg import korea tax reserv tax exempt tax credit imposit provision measur comment alter find set recit provision regul made find confirm subsidi found samsung de minimi definit countervail measur impos compani syndic loan krw billion januari set provision regul provision conclud insuffici evid make posit find subsidi decid countervail programm interest parti disagre conclus ask provision find review argu normal market condit compani compar financi situat hynix obtain financ commerci sourc interest parti argu hynix creditworthi time measur gok direct explan creditor decis extend lend hynix argu loan confer benefit hynix countervail full interest parti argu syndic loan confer benefit hynix loan grant financi supervisori commiss quot fsc quot select waiver legal lend limit gok direct fsc rais legal lend limit bank ensur exist particip rais krw billion loan public provision regul inform gok direct fsc rais legal lend limit bank particip syndic loan obtain commiss provision find measur reassess light inform interest parti hynix gok specif invit comment inform comment account reassess measur articl bank act korea quot financi institut extend credit exceed relev financi institut equiti capit individu corpor person individu corpor quot fsc approv exceed ceil basi articl enforc decre bank act list specif case approv grant fsc approv bank exce legal lend limit laid bank act novemb letter ministri financ economi sign minist financ economi presid korea export insur corpor quot keic quot presid keb letter transmit result discuss quot allevi cash crunch hyundai electron quot agenda econom minist meet held dai novemb letter order recipi make measur decid quot carri perfectli quot letter state measur hynix initi financi supervisori servic letter order keb request extens credit ceil behalf creditor financi institut result econom minist discuss subject special approv fsc minist impos oblig keb appli extens fsc approv applic decemb keb file request approv extend credit limit hynix financ submit similar request korea bank quot kfb quot kdb fsc decis explain bank intend grant syndic loan facil document accept back loan hynix fsc approv request basi articl enforc decre provis fsc extend ceil quot recognis inevit industri develop stabil nation life quot provis public interest provis show gok point view grant extra credit public interest issu note minut relev fsc meet fsc commission approv increas credit ceil hynix financ hynix big import fail minut explain quot semiconductor industri strateg industri hynix merger lg semicon compani account world semiconductor market korean export hynix emploi employe industri involv compani exce employe support syndic loan financ improv korea intern competit promot electron industri polici fsc find interest increas ceil quot note extens credit ceil imposs abovement bank particip syndic loan breach oblig bank act gok direct fsc approv extens direct keb appli extens effect direct bank extend loan korean bank law evid credit limit need lift order provid financ hynix gok hynix invit specif comment inform indic gok direct lift credit limit comment sourc fund hynix time measur parti invok probabl stage investig accord find set recit provision regul confirm kdb consid public bodi mean articl basic regul keb kfb particip syndic loan amount krw billion consid direct gok pursu public polici goal allevi difficult financi situat hynix reason industri develop case consid direct gok carri function vest gok fact provis enforc decre evok demonstr lift credit limit consid question public interest gok intervent show grant extra credit question public interest fall practic govern particip bank syndic loan fulfil criteria explain recit measur constitut financi contribut govern mean basic regul articl kdb articl iv keb kfb articl basic regul amount countervail subsidi calcul term benefit confer recipi particip bank syndic loan confer benefit hynix amount legal lend limit exceed amount hynix receiv due lift limit lift limit amount grant hynix bank question indic sourc similar financ hynix time measur amount exceed credit limit consid subsidi subsidi ad hoc measur grant compani specif pursuant articl basic regul countervail note share kdb keb syndic loan countervail part octob measur order avoid doubl count measur countervail context januari syndic loan kfb share loan exceed legal lend limit inform record benefit result lift loan limit neglig countervail context keic guarante export credit amount usd million januari set provision regul provision conclud insuffici evid make posit find subsidi decid countervail measur interest parti disagre conclus ask provision find review interest parti argu countervail benefit measur base premium charg hynix provision regul parti argu benefit base fact increas credit limit obtain hynix market obtain increas credit limit gok instruct keic korea export insur corpor guarante increas note inform record bank extend document accept ceil extens guarante keic addit credit depend guarante provision regul premium paid hynix guarante examin subsidi found basi time provision measur convinc evid record indic gok direct keic issu guarante question questionnair gok request give detail involv gok public offici process provid guarante hynix includ detail relev meet explan request role financi supervisori servic quot fss quot process question put gok fsc fss keic verif visit repli parti explain gok fsc fss allow interfer decis make process underwrit hynix guarante public provision regul inform gok role direct keic provid guarante extens facil usd million obtain provision find measur reassess light inform interest parti hynix gok specif invit comment inform comment account reassess measur accord find set recit provision regul confirm keic consid public bodi recit minist financ economi letter presid keic presid keb item letter read quot provis back loan keic temporarili resum insur balanc negoti quot similar letter request keic quot action quot ceo keic novemb minist commerc industri energi letter person presid keic presid keb januari letter sign korean minist minist financ economi minist commerc industri energi minist plan budget letter submit result discuss acquisit hynix econom minist meet held januari result quot keic insur hynix acquir creditor bank june total usd million shortag reserv payment capac keic fund occur relat matter support provid separ sourc fund quot gok commit compens keic case need pai guarante risk reserv inform record keic posit time hynix state technic insolv high level execut keic state decemb board meet quot support transact direct minist industri resourc quot minist order keic ensur extens recit public polici reason decis explain express fsc meet measur discuss keic support measur due gok direct bank extend ceil condit extens guarante guarante essenti precondit loan loan result guarante guarante keic due specif gok direct pursu public polici goal allevi difficult financi situat hynix reason industri develop keic public bodi specif direct gok carri function follow practic vest gok guarante financi contribut govern mean articl iv basic regul guarante confer benefit hynix guarante hynix receiv extens usd million time gok assur keic compens case default show premium paid hynix cover risk undertaken keic guarante extens constitut commerci act gok effect underwrot risk failur payment hynix compens inform record bank grant facil guarante inform hynix obtain compar financ sourc coverag guarante adequ premium paid consid confer benefit hynix mean articl basic regul view provis articl basic regul compar commerci loan obtain guarante coverag extens effect grant benefit hynix amount subsidi amount extens usd million comment final disclosur gok hynix argu keic provid fund hynix insur hynix paid market interest rate bank financ benefit confer hynix measur differ cost hynix paid financ paid keic guarante note benefit hynix amount loan grant part keic guarante underwritten gok indic altern financ guarante hynix time hynix rais possibl benchmark cost comparison request parti addit hynix paid extra premium complet underwrit full amount loan gok circumst benefit hynix consid full amount guarante underwritten gok facil export credit facil conting export perform subsidi usd million specif mean articl basic regul countervail subsidi export subsidi amount alloc export turnov accord section commun guidelin calcul amount subsidi countervail duti investig quot guidelin quot calcul method explain recit provision regul alloc subsidi export turnov total turnov subsidi question export subsidi subsidi amount kdb debentur programm januari public regul impos provision countervail duti hynix gok kdb submit comment commiss find kdb debentur programm benefit confer measur firstli hynix gok kdb argu kdb programm aim temporarili provid measur view normalis bond market confer benefit hynix argu benefit programm extend hynix prevail market term interest rate hynix argu obtain syndic loan januari capit gdr global depositori receipt issuanc claim refin bond market argument kdb programm confer benefit hynix programm allegedli undertaken prevail market rate note inform submit kdb questionnair repli interest rate convers bond issu kdb programm substanti lower origin interest rate case bond issu januari differ lower repres percentag point fact normal market condit bond refinanc due anticip failur compani pai higher interest rate origin bond reflect higher anticip risk issu compani concern honour evid record interest rate appli kdb programm conform market rate argument hynix refin bond market syndic loan gdr issuanc note bond loan instrument directli compar korean bond market appli extrem strict condit compani moder credit rate refin bond market explain recit provision regul gok acknowledg questionnair repli fact evidenc document record juli onward financ condit bond market tighten consider reflect greater investor sensit corpor credit risk face sharp downturn econom growth overhang bond issu earlier approach matur result widespread quot fight qualiti quot local bond market gok state questionnair repli reason set kdb programm compani moder credit rate refin matur bond market addit note rate hynix downgrad invest grade bbb specul grade bb januari made posit difficult respect question hynix refinanc bond foreign bond market address inform record indic investig hynix rais possibl suggest refin bond foreign bond market note specul rate hynix intern rate agenc standard poor januari support possibl hynix krw trillion worth bond matur receiv syndic loan krw billion creditor bank januari note request loan krw trillion bank grant krw billion part amount krw billion explain recit gok direct order fsc rais legal lend limit bank allow lend monei hynix gok intervent appli bank syndic loan grant prohibit lend monei hynix lend limit lift specif transact note bank major creditor hynix keb kdb illustr hynix reach limit possibl receiv bank loan indic hynix borrow addit fund consider amount need pai matur bond investig hynix rais possibl obtain obtain need financ form loan bank market time measur particip bank kdb programm note inform record januari fsc grant collect waiver lend limit bank particip kdb programm fsc state januari waiver particip kdb fast track programm waiver fsc gave pre approv bank base blanket applic file kdb gok entiti bank particip kdb programm waiver case grant great flexibl interpret text enforc decre enabl fsc waiv lend limit condit inform bank particip kdb programm basi commerci consider direct gok concern macroeconom consequ bankruptci hynix shown kfb kfb own newbridg capit reject gok call particip kdb programm januari kfb assess increas credit hynix commerci warrant kfb ceo state decis base strict principl profit make purchas bond insolv firm push bank manageri hardship fss state kfb undertak huyndai bond time bank reject led collaps relat compani fss hold bank respons kfb continu resist fss warn compli kfb put risk lose client dai kfb reject gok demand gok agenc pull usd million kfb account bloomberg gok threaten demand kfb main corpor custom ceas busi bank final kfb gave gok demand particip measur recal kfb cooper investig allow spot verif repli questionnair recit gdr issuanc accept hynix rais monei capit market instrument june time bond financ kdb programm matur kdb date gdr issuanc help bond found financ januari gdr issuanc indic hynix access capit market januari kdb programm hynix bankrupt due failur pai bond time gdr issuanc note explain recit provision regul hynix stock price collaps immedi issuanc june investor bought hynix stock suffer consider loss possibl rais monei rule total liabil reach krw trillion juli time measur import factor stress decis investor bui hynix gdr june influenc fact hynix matur liabil abolish gok inspir kdb programm januari june kdb programm attract great deal public comment hynix gdr offer memorandum refer quot krw trillion anticip continu avail kdb programm provid refinanc matur bond quot investor decis invest hynix june influenc belief gok continu make hynix fail point refer recit provision regul inform record kdb programm influenc decis investor invest hynix june hynix argument bond resold cbo clo programm term particip compani bond note term exist cbo clo programm hynix cbo programm creat order increas bond financ small firm lower credit rate programm hynix size addit hynix sold amount bond programm concentr limit allow maximum pool bond back cbo clo compani note kdb bought hynix bond allegedli intend cbo programm kdb programm end kdb held hynix bond design sale cbo fund kdb delai sale bond cbo fund retain control bond kdb programm cbo fund direct roll long term bond hynix unabl pai matur korea credit guarante fund quot kcgf quot increas guarante level cbo account inclus kdb programm claim normal term condit programm appli hynix bond treat differ kdb programm carri compar transact carri market kdb programm kdb bought matur bond convert lower interest rate held origin bond creditor bank cbo clo condit appli differ significantli cbo clo programm includ applic increas state guarante bond sold public offer privat placement exist creditor correspond refinanc bond market term kdb argu kdb programm subsidi kdb make decis fund fund utilis commerci basi engag profit earn busi focus corpor financ kdb argument kdb programm subsidi due natur activ kdb note recit provision regul set reason financ provid kdb constitut financi contribut govern mean articl basic regul kdb provid evid comment alter assess made provision regul conclus set recit provision regul confirm explan recit kdb programm confer benefit hynix bear mind compar financ market hynix financ matur bond bank loan exhaust possibl receiv loan due high exposur creditor bank weak financi situat credit grant bank refinanc bond bond market due weak credit rate market accept matur bond admit gok questionnair respons reason conclus point exist benefit exist subsidi recit provision regul confirm specif hynix gok kdb argu kdb programm specif hynix commiss explain mean analysi term condit programm consid mere fact hyundai compani particip programm consid evid specif hynix hynix argu kdb programm specif hynix bond resold cbo clo programm term particip compani bond explain recit provision regul conclud whilst kdb programm specif law articl basic regul de facto specif articl basic regul criteria provis fulfil programm limit number compani predomin compani grant disproportion larg amount subsidi compani specif law claim analysi term condit programm relev number firm potenti elig criteria relev de facto specif conclud programm compani belong hyundai group hynix fund programm note inform record compani korea fulfil select criteria programm background group potenti recipi larg proport hyundai group compani particip predomin hynix total fund programm fulfil specif criteria articl basic regul gok kdb argu select particip compani conduct transpar object manner larg number hyundai compani particip programm coincident questionnair gok kdb request submit minut meet select compani programm discuss copi decis hynix select state reason select gok kdb state document prepar verifi select process conduct select bodi creditor financi institut council quot cfic quot discret select particip fact inform record gok discret openli preselect hynix beneficiari concentr benefit hyundai compani note kdb announc press releas bui hynix matur bond januari come month hynix offici select particip programm addit inform kdb decis bond refin separ month cfic remark kdb announc begin januari refin hynix bond come month particip programm announc lot critic voic lack transpar absenc review elig select process compani subsidiari hanwha hanjin group dongkuk steel similar situat hynix credit rate bbb number bond matur time select programm explan justif select author reason explain conclud addit criteria articl basic regul fulfil present case conclud commiss recit provision regul kdb programm conclud de facto specif basi addit criterion articl manner discret exercis grant author decis grant subsidi withdraw subsidi thirdli hynix claim kdb programm last year constitut withdraw programm programm give rise imposit countervail duti pursuant articl basic regul note kdb programm constitut time recur subsidi benefit compani question withdraw context case pet chip india invok hynix relev preced subsidi recur subsidi ti export product investig export subsidi programm termin export product benefit subsidi longer natur subsidi pet chip case relev assess kdb programm reason benefit confer kdb programm recur subsidi alloc period year subsidi withdrawn mean articl basic regul programm termin grant grant continu confer benefit alloc period calcul subsidi calcul subsidi hynix gok argu commiss compar interest rate programm market rate treat loan grant hynix argu kdb assum refinanc bond bond consid subsidi addit kdb bond restructur octob count subsidi amount submiss comparison interest rate commiss explain recit provision regul reason conclus interest rate comparison determin amount subsidi articl basic regul subsidi determin basi benefit confer recipi explain recit benefit receiv hynix confer interest rate appli kdb programm fact kdb programm forc pai back bond liquid bankrupt sourc fund hynix inform record appear reason set kdb programm place benefit hynix confer kdb bui matur bond place market oper provid hynix mean financ oper reason amount kdb financ purchas hynix bond determin constitut subsidi treatment loan grant situat assess point view grant author time measur section guidelin stipul time grant loan evid grant author recov monei loan consid grant present case kdb financ programm quot loan quot similar transact principl appli question kdb reason recov financ inform record show time kdb assum hynix debt evid kdb recov monei spent bui hynix bond fact inform record kdb forese recoveri expenditur amount budget kdb total programm origin krw trillion kdb alloc half krw trillion purchas hynix bond programm establish basi earn profit break consider amount monei set spent purchas matur bond select compani kdb expect recov expenditur evid time financ grant hynix repai amount kdb hynix huge debt reason kdb interfer hynix monei pai matur bond possibl rais amount market time matur due note amount foreseen spent hynix bond start consider comparison hynix turnov krw trillion hynix turnov hynix repai financ evid programm posit review monthli context decis bank bond purchas month hynix rate downgrad januari immedi accept programm march run programm specul grade hynix end januari account januari decis purchas bond march hynix downgrad fact disqualifi kdb programm criteria programm month hynix bond financ kdb deterior situat compani reflect decreas rate record evid indic kdb fact recov amount hynix suppos pai condit programm provision find amount account deduct explain recit provision regul respect argument submit hynix argu kdb held refinanc bond bond consid subsidi recal subsidi financi contribut govern confer benefit recipi recit provision regul step programm kdb bui matur bond fall programm directli benefit confer hynix financi contribut bestow fact kdb bui bond hynix financi contribut kdb normal market transact assum hynix amount benefit determin amount subsidi fact term programm kdb suppos hold eventu bond chang conclus kdb provid greater amount front assum risk liabil connect bui refinanc bond hynix thirdli argu kdb bond restructur octob count subsidi amount note verif inform record krw billion bond fall programm includ debt equiti swap amount deduct total amount octob measur explain recit hynix argu part kdb bond held bank includ cb purchas bank june amount kdb bond deduct cb amount order avoid doubl count note total amount cb purchas june swap equiti octob amount cb inclus kdb bond deduct explain recit reason explain recit conclud kdb programm confer benefit hynix compar financ market hynix financ matur bond bank loan exhaust possibl receiv bank loan refinanc bond bond market due weak credit rate financ provid kdb programm constitut subsidi mean articl basic regul subsidi found de facto specif hynix countervail pursuant articl basic regul pursuant articl basic regul amount subsidi amount benefit amount financ provid programm conclus subsidi amount laid recit provision regul kdb programm confirm bond purchas creditor bank amount krw trillion roll debt provision regul provision conclud insuffici evid make posit find subsidi decid countervail programm interest parti disagre preliminari find ask review interest parti argu condit appli hynix conform financi situat time market base parti gok influenc creditor bank success measur interest parti argu hynix obtain bailout gok intervent due weak financi condit gok specif direct hynix creditor particip bond purchas support claim parti refer meet conven gok march gok offici presid hyundai creditor bank offici fsc presid hynix questionnair gok ask gok public bodi involv decis process bank undertak measur ask questionnair bank minut meet attend gok public offici request parti repli gok involv restructur process inform relat contact address investig provision find verifi verif visit public provision find inform secondari sourc includ press articl indic contact place submit interest parti inform refer meet place date contact bank fss fsc offici interest parti hynix gok invit review inform comment parti fail rebut inform fact admit expressli fss repres present meet march contact bank context measur inform note inform confirm accuraci interest parti contradict statement gok offici fsc fss bank involv earlier stage investig gok bank consist argu gok public offici involv measur fsc fss carri supervisori function financi institut interven daili busi oper bank withhold inform consid imped investig mean articl basic regul prescrib circumst find base inform parti question inform consequ cooper note financi advis hynix time citibank seoul fail fulli cooper investig citibank explain cooper due intervent hynix citibank financi advis hynix time measur possess import inform financi condit hynix measur investig allow citibank cooper prevent investig examin inform citibank possess hynix consid imped investig cooper parti provid inform measur inform obtain provision measur rebut reassess provision find light inform basi fact total fact novemb gok direct bank institut measur order allevi liquid problem hynix promot electron industri polici confirm measur dealt previou chapter regul note year progress wors financi situat hynix measur march rate declin reason assum gok deterior circumst suddenli stop support hynix contrari reason continu support hynix worsen financi situat ensur altern market base sourc financ explain context assess previou investig measur hynix exhaust possibl receiv bank loan earli januari due high exposur major creditor bank weak credit rate march rate downgrad exposur increas due gok direct lift prudenti credit limit bank servic syndic loan grant januari liabil cumul measur allevi situat circumst indic hynix loan market hynix rais possibl procedur loan korean foreign market inform record bank commerci ground purchas krw trillion worth convert bond quot cb quot hynix june evid record bond purchas order provid hynix cash cover exist liabil bank acknowledg inabl hynix servic debt begin creditor financi institut council resolut state hynix fulfil oblig syndic loan quarter highli quarter state default articl loan agreement order prevent relat problem cross default articl loan agreement appli quarter bank effect exempt hynix consequ default loan agreement grant financ purchas cb june hynix creditor bank increas loan loss provis respect hynix debt prior particip june cb purchas koram bank hana bank shinhan bank kookmin bank increas loan loss reserv hynix quarter bank classifi loan hynix perform recal bank fail cooper investig recit bank purchas cb june note mid june june hynix stock price sunk consider bank purchas cb evid time recov monei month bank incur huge loss bond hynix stock price declin sharpli bank direct portion accept price hynix cb loss settl account end june inform receiv public provision measur rebut parti contact creditor bank public offici place march inform march meet refer recit conven order bank support hyundai group compani bank reluct provid support hynix concern downgrad extern credibl violat credit limit gok financi offici persuad bank april report hyundai creditor associ decid purchas krw trillion convert bond quot cb quot request hynix hynix liquid pai matur liabil proce cb issuanc krw trillion servic exist debt presid creditor bank includ keb kdb chohung bank meet april particip oppos accept cb amount krw trillion dai ceo citibank citibank financi advis hynix time organis measur formal request financi support hynix gok fsc chairman express posit posit background report financi support hynix includ accept cb recal citibank fail cooper investig recit report koram bank bank cooper investig refus share krw trillion cb basi hynix fail deliv memorandum pledg make effort reduc debt observ report indic respons fss state forgiv bank particip ad stern measur bank disapprov financi instrument subject bank tighter audit warn koram revers decis particip purchas cb absenc cooper parti final conclus base fact inform extract secondari sourc observ context note measur origin investig alleg sgico seoul guarante insur corpor guarante krw billion hynix cb purchas invest trust compani confirm investig bond purchas place guarante provid reason fail transact explain observ report indic bank time requir order purchas cb invest trust compani need bank bear financi burden invest trust compani refus bui hynix bond claim common knowledg bond insolv bond sell time struggl recov confid market report invest trust compani state avoid critic invest custom monei insolv compani lead lawsuit invest trust forc financi author accept corpor bond amount billion won circumst invest trust circl insolv basi appear bank particip discuss measur earli march awar argument invest trust reason refus subscrib bond bank decid accept cb purchas week earlier acknowledg inabl hynix servic exist debt disclosur inform interest parti parti admit fss offici present meet subsequ contact fsc fss bank place explain fss offici present observ act wit creditor prior commit fund influenc creditor bank decis extend credit hyundai compani explain quot follow phone call quot fss fsc offici creditor bank conduct exercis normal prudenti supervisori role fsc fss parti withhold import inform confront imped investig instruct parti cooper difficult find explan fulli convinc addit inform record offici attend meet march fsc vice chairman high rank offici circumst pursuant articl basic regul conclus base fact case cooper parti conclud bank freeli independ decid issu cb purchas basi commerci consider direct bui bond gok inform secondari sourc refer support conclus comment final disclosur gok argu account fact privat investor bought hynix gdr worth usd billion june bank decis bui hynix cb line commerci consider note investor influenc anticip continu avail gok direct kdb programm refin hynix matur liabil investor insight situat hynix creditor bank unreason conclud decis bank invest gdr investor basi fact conclud decis bank purchas krw trillion hynix cb basi commerci consider due direct gok pursu public polici goal amount cb purchas financi contribut govern mean articl iv basic regul purchas confer benefit hynix amount krw trillion purchas price bond compar fund market hynix situat deterior januari possibl receiv equival loan market reason amount cb purchas krw trillion consid subsidi mean articl basic regul ad hoc subsidi provid compani specif pursuant articl basic regul countervail articl basic regul amount countervail subsidi calcul term benefit confer recipi cb purchas creditor bank interest rate paid back matur hynix compar loan articl basic regul point examin compar commerci loan market benefit differ interest rate appli explain recit compar loan hynix reason benefit confer bond purchas determin basi section guidelin amount loan forgiven default treat grant mean time grant loan evid grant author recov monei loan consid grant present case explain recit obviou bank time purchas bond recov monei spent purchas hynix cb benefit hynix amount countervail subsidi purchas price bond krw trillion calcul method explain recit provision regul subsidi amount octob rescu packag consist debt equiti swap roll debt provis loan krw billion public provision regul hynix gok keb woori bank chohung bank quot chb quot citibank seoul nation agricultur cooper feder quot nacf quot submit comment provision find octob rescu packag comment parti list assess calcul amount countervail subsidi import question octob measur consid explain principl assess amount subsidi conduct octob measur grant compani financi difficulti introduct provision regul octob measur debt equiti swap loan krw billion extens matur roll debt consid grant base section guidelin loan consid grant forgiven default recit provision regul provision conclud due financi situat hynix financ market bank knew time octob measur recov monei invest lent hynix point examin assess calcul subsidi case provis financ compani difficulti credit rate compani time measur rate indic financi situat compani abil attract invest receiv financ time potenti investor lender base decis rate compani independ intern rate agenc note rate hynix octob standard amp poor sd quot select default quot worst rate worst quot default quot standard amp poor criteria prospect rate default occur sd assign issuer expect default select continu pai issu class oblig pai rate hynix time measur alarm investor lender support decis grant financ commerci consider point examin histori compani servic exist debt rate lender concern compani moder rate continu servic exist debt lender complet unreason lender account intern rate compani concern fact posit assess lend compani concern consid present case note hynix servic exist debt default interest payment syndic loan grant januari explain recit bank announc default decid measur address situat bank rais loan loss provis hynix octob measur indic financ consid loss intern rate bank concern reflect assess bank concern octob measur rate hynix intern quot precautionari quot quot doubt quot situat support decis grant financ compani concern point examin gener financi situat compani concern compani experienc temporari liquid problem healthi fundament justifi potenti lender account take credit decis note financi situat hynix critic long period end hynix accumul usd billion liabil net worth time market capitalis compani octob hynix debt time equiti situat bank concern explain recit keic state novemb hynix state technic insolv similar statement found intern report bank concern refer hynix neg capit excess lend financi ratio hynix call altman score model design specif predict failur korean compani wors korean compani fail hynix score higher threshold level compani sever financi distress hynix current quick ratio indic compani total inadequ liquid cover oblig hynix net profit margin return asset return equiti neg year net margin reach minu minu year compani cash flow oper cover sixth debt total liabil financi account discount possibl futur financi success hynix state entir normalis compani oper requir continu support creditor bank sell price semiconductor product suffici recov fact histori futur hynix characteris depend financi assist creditor hynix reach point unabl financ oper return gener activ point assess basi calcul subsidi loan commerci sourc grant compani concern condit loan grant term condit loan serv benchmark measur benefit confer hynix measur concern amount subsidi present case note hynix obtain commerci loan time hynix borrow exclus concentr gok provid gok direct gok guarante loan largest creditor hynix time measur kdb held total hynix loan decemb prior hynix receiv loan french japanes bank includ bank tokyo société générale credit lyonnais bank particip restructur hynix outstand loan foreign bank includ citibank seoul account total hynix loan note assess role citibank explain recit lack particip foreign bank suggest invest hynix consid ration econom justifi note outstand amount krw billion syndic loan foreign borrow grant led société générale declar default cross default financi contribut govern comment parti hynix gok argu octob packag constitut subsidi financ provid grant gok hynix argu citibank keb evid provid show gok influenc forc bank accept octob measur woori bank chb nacf hynix argu gok sharehold confus govern control credit decis argu credit decis base commerci consider bank concern keb argu gok plai role restructur programm relat keb commerci decis argu gok special contractu korean law block influenc keb commerci decis keb appli fss relat fss manag recommend keb busi oper argu action fall scope ordinari activ pursuant bank act bank regul understood mean kind interfer involv part fss financi supervisori author woori bank argu posit largest sharehold gok prohibit exercis influenc woori bank decis make process chb argu gok direct indirect influenc manag activ korea deposit insur corpor quot kdic quot substanti sharehold chb chb allegedli remain commerci bank decis basi pure commerci consider argu memorandum understand quot mou quot refer provision regul concern restructur measur impos gok respons financi crisi hynix chb argu bank industri bank korea quot ibk quot seoul bank kwangju bank kyongam bank gok substanti sharehold particip octob packag demonstr gok interf busi activ bank involv nacf argu form purpos improv econom social cultur statu farmer qualiti live kdic prefer investor allow law particip nacf decis make mandat includ implement public polici goal citibank seoul deni affili gok explain particip investig measur sole pursuit commerci interest ii assess comment note provision conclud basi principl set recit kdb public bodi bank found public bodi found direct gok carri measur question term demonstr direct fact gok major sharehold bank import point account assess situat amount sharehold gok sharehold determin extent influenc decis make process set compani law articl associ compani concern respect import refer korean prime ministeri decre adopt novemb address manag respons compani govern sharehold articl decre emphasis import allow compani manag crucial state fulfil full right sharehold inform record state major sharehold appoint director financi institut gok regularli nomin carri influenc select ceo member bank manag vote power gok posit influenc oper keb woori chb largest sharehold inform record state influenc decis chang keb ceo poor perform hynix credit card compani note provision regul reli sole gok sharehold prove direct recit provision regul explain extens bank reason found gok exercis direct regard octob measur addit explan provid provision regul find reinforc addit inform receiv public provision measur explain recit record evid gok gave direct instruct financi institut measur investig inform fss involv measur record gok coerc institut particip measur threaten imped busi oper note commiss occas ask gok bank concern involv parti consist deni state involv relat measur question august briefli octob measur korean deputi prime minist state seminar meet newspap broadcast editor associ event creditor group unabl resolv hynix issu gok forward make quick decis creditor group make decis addit financ hynix financi author decid keb argument gok legal contractu influenc commerci decis note find provision regul gok direct base contractu legal right find point sought demonstr gok power direct keb subtl posit major sharehold preliminari conclus point reinforc evid receiv public provision regul gok minist interven instruct keb relat measur investig recit fss fsc evid obtain provision measur demonstr fss involv decis measur provid financ hynix letter korean minist keb refer recit fss fsc role carri supervisori activ relat ongo restructur keb evid record show fsc approv extens keb lend limit fact ran counter restructur plan demand reduct excess credit exposur hynix keb financi account consider amount hynix debt equiti swap includ loss calcul troubl loan comment keb provision regul provid substanti evid alter assess set recit provision regul conclus confirm nacf recit provision regul explain ground provision conclud nacf direct gok particip octob measur form nacf cooper fulli recognis cooper goal improv econom social cultur statu qualiti life farmer econom polici object support agricultur note nacf jointli manag ministri financ economi ministri agricultur forestri specialis function agricultur polici bank implement korea agricultur polici provis gok fund agricultur sector agricultur cooper law august gok grant support articl gok equiti stake articl enabl nacf issu agricultur financ bond requir gok guarante articl credit rate nacf hynix time measur justifi grant financ hynix comment nacf provision regul provid substanti evid alter assess set recit provision regul conclus confirm woori bank chb recit provision regul explain reason basi provision conclud woori bank chb direct gok particip octob measur conclus direct reinforc inform receiv imposit provision measur refer recit woori bank chb provid evid comment alter commiss conclus set recit provision regul conclus confirm citibank explain recit provision regul fail cooper fulli investig circumst find regard involv financi packag hynix establish accord articl basic regul basi fact term role lender investig note cooper citibank prevent reliabl inform obtain precis function practic citibank relat financi packag hynix citibank assert act gok direct verifi proper respons questionnair subsequ verif visit appli lend practic citibank note failur citibank cooper significantli imped investig term identifi citibank precis function relat role lender respect role financi advis hynix due cooper true statu citibank hynix natur intens relationship gok remain unknown import cooper verif visit demonstr fact bank involv case proper cooper verif instrument allow definit conclus drawn relat hynix gok investig shown due inform parti citibank central figur discuss gok hynix parti involv case hynix state citibank cooper investig quot disclosur divulg inform relat hynix cost financ account quot recal hynix major own gok bank time intervent circumst final find base fact regard citibank lender act gok direct benefit hynix equat full financi contribut made citibank hynix respect uncontest unlik particip measur citibank intervent creditor bank hynix januari financi situat hynix suffici bad deter bank financi involv citibank rate hynix octob quot doubt quot citibank provid financ hynix citibank request explain gener lend polici normal provid financ doubt compani explain citibank provid detail explain motiv particip measur investig gok direct inform record consider link gok hynix citibank gok citibank loan investig link interpret wai firstli interpret indic citibank commerci reason provid financ hynix alleg parti interpret place citibank vulner posit direct gok due cooper establish citibank act coercion accord normal busi practic respect recal reason cooper prevent access hynix cost financ account data absenc explan indic data citibank possess inform reveal commerci reason provid financ question financ provid due gok direct reason suggest complaint addit explain recit provision regul citibank unusu close symbiot relationship gok authoris oper korea close relationship gok citibank wit role plai citibank assist gok extric korean financi crisi citibank led successfulli complet korea bank debt restructur total usd billion citibank help gok govern relat institut access capit market korean financi crisi successfulli sponsor usd billion global bond offer fact confirm citibank close relationship gok basi fact refus citibank grant access inform possess fail verifi evid conclus drawn accord articl basic regul gok involv direct citibank provid financ question argument bank gok substanti sharehold particip octob measur disprov gok direct take place note kwangju bank kyongam bank merg woori financi hold time measur woori bank major creditor bank octob restructur understand kwangju kyongam bank particip measur separ situat appli seoul bank gok plan sell hana bank recommend imf anticip sale rise specul loan book seoul bank benefici ibk note ibk specialis bank mandat promot develop small medium size enterpris oper underwritten gok extend lend hynix ibk exceed mandat appar extrem difficult justifi fact grant facil particip cb purchas hynix ibk breach mandat exposur larg compani difficulti line polici goal benefit confer measur keb woori bank chb nacf citibank seoul argu particip octob packag want maximis recoveri rate loan grant hynix consid hynix concern higher liquid argu particip octob packag determin basi credit evalu hynix support analysi consult note hynix refus provid copi analysi determin liquid basi confidenti assess merit final find regard determin accord articl basic regul note posit decis bank particip measur consist evalu financi situat hynix credit rate gave bank question rate hynix time measur quot precautionari quot quot doubt quot satisfactori explan provid spite critic situat hynix decid continu financi support note independ bank oper market principl requir sharehold evalu repay probabl loan make decis grant loan basi bank requir follow object lend criteria answer sharehold loss occur case hynix loan respect bank particip octob measur explain fact decis maker shield consequ high level gok ownership factual control lend decis note argument defend merit continu lend heavili indebt compani difficult justifi bank time swap debt equiti provid financ rais loss provis hynix loan base experi hynix servic debt explain recit bank awar recov fund provid line lend practic base commerci consider hynix gok argu hynix credit rate quot select default quot consequ restructur programm account bank argument basi fact reason insist firm credit rate determin factor potenti investor rate import reason potenti investor plan invest compani examin rate addit logic argu hynix rate hynix rais octob restructur measur carri remain quot select default quot remain case todai rate agenc consid situat hynix investor oper market condit account credit rate appli hynix time octob measur calcul subsidi comment parti assess comment calcul subsidi hynix rais point comment firstli hynix argu debt equiti swap includ subsidi calcul addit amount debt equiti swap krw trillion includ loan bank loan bank found provid subsidi share bank provid subsidi deduct total amount debt equiti swap point rais gok shinhan bank verif point conclud share bank particip option measur deduct inform record amount deduct krw billion total amount debt equiti swap consid subsidi correct krw trillion point rais hynix extens matur reduct interest rate krw trillion correct compris alleg debt forgiv interest rate reduct bank found provid subsidi share bank deduct total amount point rais shinhan bank note error occur point calcul subsidi inform record amount loan subject matur extens krw trillion thirdli hynix argu alloc method subsidi incorrect octob packag refer month account alloc benefit time subsidi grant hynix context octob packag recur subsidi amount countervail subsidi calcul pursuant articl basic regul alloc amount subsidi period time reflect normal life asset industri concern point ii guidelin alloc straight line method result equal portion subsidi fall year investig period method advoc hynix reason artifici reduc benefit confer subsidi amount subsidi alloc start octob onward duti forc longer period time calcul normal calcul method laid guidelin begin investig period method refer hynix lead situat recur subsidi grant investig period individu countervail duti period imposs implement addit numer subsidi cover month denomin recipi turnov reduc cover period case low level sale term quarter increas ad valorem rate subsidi reason ground chang alloc method provision regul conclus set recit provision regul alloc subsidi time pursuant guidelin confirm fourth argument hynix interest rate ad amount subsidi wrongli calcul interest rate ad month year octob decemb time benefit hynix reason reject argument hynix alloc subsidi year recit appli linear alloc method distribut benefit recur subsidi receiv investig period equal number year alloc period annual commerci interest rate ad amount pursuant point ii guidelin order equal denomin interest rate case subsidi alloc equal year interest rate method equal interest rate calcul portion subsidi result alloc issu relat time grant investig period compens fact subsidi alloc entir year sale order determin subsidi amount reason ground chang calcul method interest rate provision regul conclus set recit provision regul calcul interest rate pursuant guidelin confirm amount countervail subsidi hynix argu subsidi amount alloc consolid turnov hynix turnov hynix semiconductor subsidi benefit hynix subsidiari practic european commun anti subsidi investig alloc subsidi turnov compani investig compani defin separ account entiti import investig target subsidi grant export countri benefit specif product product inform relev product export countri investig verifi investig author european commun consolid turnov basi relat product concern includ subsidiari situat export countri investig note present case hynix subsidiari includ consolid turnov situat republ korea reason subsidi amount alloc turnov hynix conclus point recit provision regul confirm ii final find calcul subsidi octob measur loan recit provision regul loan krw billion provision consid grant pursuant section guidelin provid loan expect recov loan time grant hynix credit rate octob quot select default quot histori servic debt liabil exceed time equiti accord articl basic regul altern sourc financ market hynix evok possibl procedur circumst evid bank concern recov monei benefit hynix amount countervail subsidi amount loan krw billion conclus provision regul recit amount countervail subsidi confirm extens matur interest rate cut remain loan assess benefit amount subsidi grant roll debt matur extens firstli note inform record roll over debt consid loan korea assess situat similar case loan case financi situat compani payment histori decis criteria obviou bank time matur extens recov loan matur extens loan subject matur extens consid grant loan circumst present case matur loan extend year explain recit situat hynix octob alarm lend bank reason recov monei due critic situat hynix matur extens grant appear method calcul amount subsidi possibl calcul amount subsidi compar interest rate compani pai extend credit period rate suppos pai case grant extens matur note interest rate increas matur extend reflect increas risk lender fact compens grant extens reason method present case fact compani sever difficulti reliabl market benchmark interest rate lender free charg interest rate case decid extend matur borrow execut matur claim infinit interest rate present case interest rate lower loan subject matur extens extrem low syndic loan grant hynix januari rate bbb interest rate close fact octob hynix rate sd normal practic commerci bank increas interest rate case matur extens conclud normal commerci lender infinit interest rate consid extend matur circumst hynix sustain cost interest rate evid record hynix altern sourc financ market octob measur amount loan subject matur extens krw trillion consid grant pursuant articl basic regul section guidelin benefit hynix amount countervail subsidi amount loan subject matur extens krw trillion note accuraci conclus confirm event place subsequ investig period june chb set loss reserv equival exposur hynix plan provid fulli exposur hynix end year hynix creditor bank increas loan loss reserv outstand loan hynix indic hynix loan unrecover bailout hynix carri decemb year octob measur confirm predict krw trillion debt swap equiti decemb note amount debt subject matur extens octob equal amount krw trillion debt equiti swap recit provision regul debt equiti swap conclud consid grant pursuant section guidelin market investor invest hynix share time measur addit gok direct bank forgiven amount outstand debt hynix articl basic regul amount countervail subsidi calcul term benefit recipi found exist investig period subsidis note debt equiti swap immedi book hynix financi account wipe consider amount debt reason conclud benefit hynix equat full amount debt reduc financi situat immedi improv amount fact number benefici consequ remov cost servic debt save monei invest appli intervent bank view type equiti infus benefit hynix full amount capit question benefit confer hynix measur situat point view bank transform loan equiti transact analys section ii guidelin govern provis equiti capit consid confer benefit invest decis regard inconsist usual invest practic privat investor export countri concern criterion assess benefit privat investor put monei compani situat govern provid equiti note hynix rate select default financi situat critic dram price plummet june onward octob lowest point stock price hynix fallen june septemb develop octob measur invest hynix share extrem riski result consider loss circumst conclud normal market investor invest hynix share octob section vii guidelin equiti provid consid grant determin govern intent receiv return invest effect give disguis grant compani question present case gok direct bank forgav consider amount outstand loan hynix measur consid grant pursuant section guidelin measur confer benefit hynix equal amount loan forgiven fact bank receiv equiti transact chang assess market situat situat hynix time measur investor bought hynix share bank expect receiv return invest circumst reason explain amount debt equiti swap provid gok direct bank consid grant pursuant articl basic regul section vii guidelin benefit confer hynix measur amount countervail subsidi amount debt equiti swap provid gok direct bank krw trillion note accuraci conclus confirm event place subsequ investig period decemb hynix creditor bank carri bailout compani year measur includ roll krw trillion debt debt equiti swap krw trillion hynix total liabil increas usd trillion earlier bailout capit write plan combin share share mitig capit eros approxim krw trillion result accumul deficit discount capit stock bank point set loan loss reserv equival loan extend hynix situat magnitud capit write hynix equiti consid worthless invest loss calcul amount subsidi revis basi comment parti inform rise chang provision find investig measur order avoid doubl count subsidi includ octob measur deduct net subsidi amount octob measur ad valorem conclus recit total amount subsidi gt tabl gt definit commun industri imposit provision measur comment receiv definit commun industri set recit provision regul confirm cooper commun produc repres total commun product product concern ip constitut commun industri mean articl basic regul injuri preliminari remark set recit provision regul reason confidenti indic show evolut trend public provision regul hynix claim whilst indic describ data justifi confidenti reason mere disclosur provision regul indic analysi situat commun industri hynix assess suffici degre certainti situat commun industri hynix argu reason confidenti disclos actual figur commun industri commun industri compris compani note hynix claim gener natur data review order assess situat commun industri articl basic regul prohibit disclosur inform confidenti treatment request good shown treatment commun dram market highli concentr produc control market easi hynix deconstruct cumul figur disclos acquir accur understand confidenti busi inform commun produc compos commun industri inform great commerci hynix knowledg parti harm commun industri final indic show develop injuri indic time market produc indic hynix basi commun market knowledg inform file inspect interest parti analys accur inform provid determin suffici degre certainti situat commun industri consid hynix claim respect justifi reject comment receiv preliminari remark set recit provision regul preliminari remark confirm commun consumpt total figur commun consumpt product concern correspond total import sale commun produc commun industri absenc inform provision find commun consumpt recit provision regul confirm period consider commun consumpt dram increas gt tabl gt import product concern commun volum import korea public provision regul hynix claim import volum product concern express mbit increas lower pace recit provision regul hynix argu import market share base total sale subsidiari commun resal product concern unrel custom commun period consider volum import dram produc korea note resal report hynix significantli higher actual import report hynix year period consider satisfactori explan big discrep consid import compris sale dram produc hynix korea sold subsidiari commun minor sale unrel custom commun countri hynix support gok argu establish trend import commun period consider import product concern commun lg semicon occur date merger compani hyundai electron industri hynix march includ import data hynix gok provid ad hoc data respect figur import mbit lg semicon claim import form hynix consid injuri purpos date merger lg semicon lg semicon distinct legal entiti hyundai electron industri acquir lg electron relat compani juli acquisit lg semicon renam hyundai micro electron compani merg hyundai electron industri octob acquisit lg semicon invest hyundai electron industri retroact effect posit market word hyundai electron industri predecessor hynix compani found benefit subsidi increas product capac parti includ hynix report import lg semicon questionnair respons submiss verifi commiss lg semicon data constitut part hynix subsidis import reason set claim made hynix gok reject volum import korea recit provision regul establish basi aggreg duli verifi import data provid samsung hynix respect questionnair respons volum import korea establish increas period consider confirm import hynix increas faster period consider import data lg semicon provid ad hoc hynix gok verifi account ad volum import korea volum import hynix volum import korea increas period consider gt tabl gt price import korea hynix import price calcul data import quantiti valu provid questionnair respons export produc korea comment receiv import price public provision regul provision find import price recit provision regul confirm period consider import price develop gt tabl gt regard provision find price undercut recit provision regul hynix gok claim refer fact price undercut place transact irrelev price undercut accord usual practic determin weight averag basi hynix argu order conclud price undercut number specif transact commun industri transact transact comparison made daili comparison take account time dai provis basic regul stipul price undercut calcul weight averag specif basi articl basic regul consid assess effect subsidis import price price undercut quot signific quot set requir relat calcul margin undercut provid methodolog respect articl price undercut determin injuri determin form part assess injuri commun industri conduct provid guidanc context assess injuri causat note dram market transpar characteris substanti price competit fix cost high supplier develop suffici economi scale strive maintain market share price undercut occur specif competit situat specif custom supplier offer price commun custom undercut price dram sold commun produc competit pressur quickli elimin undercut market big custom forc compet supplier meet lower price offer difficult establish price undercut period price depress situat prevent commun produc increas price occur commiss establish signific price undercut rang dram densiti substanti portion commun produc transact repres sale order elimin effect sharp drop price ip calcul base monthli averag hynix price independ custom product type daili averag hynix price product type take account fact number compar transact substanti reduc signific undercut rang set total commun produc transact note irrespect monthli daili averag hynix price calcul proport commun produc undercut transact relat total compar transact remain note type error occur end penultim sentenc recit provision regul refer hynix sale read commun industri sale absenc comment price undercut provision find set recit provision regul confirm market share import korea hynix support gok claim contrari upward trend market share recit provision regul market share decreas period consider claim warrant market share figur provid hynix justifi claim initi base total sale subsidiari commun product concern unrel custom commun period consider volum import dram produc korea clarifi hynix market share recit provision regul calcul basi duli verifi import data report questionnair respons hynix establish trend market share period consider import lg semicon occur date merger compani hyundai electron industri includ import data hynix gok provid ad hoc data respect reason set recit claim reject provision find market share recit provision regul confirm import data lg semicon provid ad hoc hynix gok verifi account ad market share import korea market share import hynix market share import korea decreas period consider gt tabl gt situat commun industri absenc inform provision find situat commun industri set recit provision regul confirm conclus injuri public provision regul hynix gok claim injuri indic show situat commun industri improv materi injuri suffer commun industri argument alter conclus set recit provision regul made accord provis articl basic regul conclus base evalu relev econom factor indic bear state commun industri detail set recit provision regul challeng posit commun industri improv respect period consider grow market dram offset substanti injuri caus drastic drop sale price consequ heavi loss suffer commun produc ip loss neg effect return invest cash flow take account factor conclus reach recit provision regul commun industri suffer materi injuri mean articl basic regul confirm causat injuri introduct set recit provision regul examin accord articl basic regul subsidis import product concern origin korea caus injuri commun industri degre enabl classifi materi factor subsidis import gener econom downturn ip import countri export commun industri overcapac time injur commun industri examin ensur injuri caus factor attribut subsidis import imposit provision measur hynix gok claim hynix import caus injuri commun industri market share decreas period consider price undercut commun industri price argu injuri inflict caus invest commun industri made period consider larg contribut overcapac ip argu analysi provision regul fail account sever cyclic downturn period note comment hynix causat refer commun produc compos commun industri infineon analysi concern commun industri effect subsidis import set recit subsidis import hynix increas period consider higher pace commun consumpt period develop market share trend increas recit reach substanti level ip alleg volum import lg semicon ad hynix year import trend ip increas increas ip found volum hynix subsidis import market share ip suffici import advers affect commun market price commun industri market analyst believ hynix technic bankrupt aliv debt restructur program maintain artifici oversuppli market context note addit suppli met demand lead price hynix set recit provision regul desper sell ip cost comment alter find effect hynix subsidis import injuri situat commun industri set recit provision regul made find confirm conclud subsidis enabl price irrespect cost contribut substanti oversuppli characteris dram market led substanti low price level commun market subsidi question reason assum price commun industri higher hynix charg low price practis ip global suppli lower magnitud volum hynix low price subsidis import signific neg impact situat commun industri impact factor gener econom downturn ip hynix gok argu commiss account impact cyclic dram market argu worldwid demand dram grew whilst averag year year rate note alleg worldwid growth rate highli subject contradict inform record set recit provision regul recognis gener econom downturn pc telecommun market downward effect price found dram consumpt commun continu upward trend period consider increas consumpt term mbit ip stem larg degre introduct microsoft xp higher mbit requir previou system increas sale quot upgrad quot product gener low price fact consumpt mbit commun increas rate year good year compar increas good year bad year ip conclud whilst econom downturn downward effect price assum consumpt rise effect substanti import product concern countri korea imposit provision measur comment receiv import final disclosur hynix argu accord data complaint import countri korea taiwan import samsung increas hynix import ip injuri suffer commun industri caus hynix import regard samsung import recit regard import countri includ taiwan investig found mbit term decreas ip fact market share decreas ip period hynix subsidis import mbit term increas argument consid groundless find set recit provision regul import countri korea contribut signific injuri suffer commun industri confirm export activ commun industri imposit provision measur comment receiv export activ commun industri find set recit provision regul confirm overcapac imposit provision measur hynix gok claim injuri suffer commun industri ip inflict invest made period consider claim invest larg contribut overcapac ip set recit provision regul worldwid dram market suffer ip structur overcapac result expect late market continu rapid growth overcapac contribut sever current downturn industri suffer note capac commun industri mbit term reach consumpt commun ip gener recognis dram industri constantli high level invest research develop abreast lead edg technolog invest commun industri period consider view reason undertaken order maintain competit grow market respect note korean produc made signific invest period consider fact worldwid invest commun industri half invest korean produc period reason assum overcapac creat commun industri contrari korean industri contribut overcapac worldwid reason assum korean govern interven subsidi situat commun worldwid overcapac pronounc stock imposit provision measur hynix argu reason declin price dram ip signific quot inventori burn quot argu quot record year quot dram price increas significantli custom distributor built dram inventori user fear shortag ip clear collaps pc telecommun market depress demand inventori dispos quickli exacerb declin price argument support factual evid base wrong premis ip dram consumpt continu increas commun final plausibl compani build stock price high product dram short life cycl contrari build stock price low respect recal stock commun industri percentag product mbit declin good year bad ip confirm sole cooper distributor state respons questionnair quot present manufactur move time order quot distributor hear dram stock renew time month link made regard stock price argument reject samsung import examin factor consid contribut materi injuri suffer commun industri ip respect import samsung examin period consider samsung import increas lower pace hynix import event slower increas commun consumpt found ip samsung price averag higher hynix samsung price decreas hynix price period consider conclud samsung import caus injuri commun industri suffici break causal link hynix subsidis import materi injuri suffer commun industri conclus causat argument brought forward interest parti causat imposit provision measur alter conclus reach provision regul factor subsidis import origin korea import gener econom downturn export activ commun industri pre exist overcapac market contribut injuri suffer commun industri ip injuri effect individu collect consid import insuffici undermin materi injuri attribut subsidis import reduc price commun industri export sale contribut injuri lower volum export relat volum sale commun ip injuri suffer commun industri attribut export overcapac concern worldwid situat exist number year includ period consider overcapac consid signific sudden drop price led injuri suffer commun industri subsidis import substanti oversuppli investig shown period consider hynix subsidis import sold commun market volum price caus consider injuri commun industri import found substanti price commun fall dramat level gener huge loss situat grave consequ profit commun industri abil maintain invest level view analysi properli distinguish separ effect factor situat commun industri injuri effect subsidis import conclud factor break causal link subsidis injuri conclud import caus materi injuri commun industri mean articl basic regul commun interest user import distributor submit comment commun interest aspect investig imposit provision measur cooper user submit comment provision find commun industri express support provision determin commun interest hynix directli concern argu imposit provision measur commun industri capac suppli client hynix disappear commun market result increas market share commun produc argument put forward hynix persuas contradict hynix previou argument commun industri creat overcapac situat fact commun industri signific spare capac market condit fair competit hand aim measur elimin hynix commun market countervail subsidis extent benefit hynix import detriment supplier market absenc comment directli interest parti find conclus set recit provision regul confirm conclud imposit definit countervail measur commun interest definit action view conclus reach subsidi injuri causat commun interest consid definit countervail measur order prevent injuri caus commun industri subsidis import republ korea injuri elimin level purpos establish level definit measur account subsidi amount found amount injuri sustain commun industri definit measur impos level suffici elimin injuri caus import exceed subsidi amount establish calcul amount duti remov effect injuri subsidi consid measur commun industri cover cost obtain profit tax achiev normal condit competit absenc subsidis import sale product commun pre tax profit margin calcul turnov industri maintain reason level invest profit margin averag realis commun industri year ip imposit provision measur hynix argu profit line profit margin earlier anti dump proceed dram origin korea japan note anti dump proceed refer year ago market circumst product event magnitud loss suffer commun industri ip profit margin level result injuri elimin level higher subsidi amount establish methodolog establish injuri elimin level recit provision regul confirm form level duti subsidi amount hynix semiconductor found lower injuri elimin level rate definit countervail duti impos correspond subsidi amount establish accord articl basic regul de minimi subsidi find countervail duti impos samsung electron individu compani countervail duti rate regul establish basi find present investig reflect situat found investig respect compani duti rate oppos countrywid duti applic quot compani quot exclus applic import product origin countri concern produc compani specif legal entiti mention import product produc compani specif mention oper part regul address includ entiti relat specif mention benefit rate subject duti rate applic quot compani quot claim request applic individu compani countervail duti rate chang entiti set product sale entiti address commiss forthwith relev inform modif compani activ link product domest export sale chang chang product sale entiti commiss consult advisori committe amend regul updat list compani benefit individu duti rate collect provision duti view amount countervail subsidi found export produc light serious injuri caus commun industri consid amount secur provision countervail duti regul ec definit collect extent rate definit duti impos rate provision duti lower adopt regul articl definit countervail duti impos import 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 includ dram present customis memori modul customis memori board kind aggreg form provid main purpos provid memori classifi cn code taric code taric code taric code taric code taric code origin republ korea rate definit duti applic net free commun frontier price duti gt tabl gt provis forc custom duti appli articl amount secur provision countervail duti pursuant regul ec import dram origin republ korea collect rate duti definit impos rate provision duti lower amount secur excess definit rate countervail duti releas articl regul enter forc dai public offici journal european union regul bind entireti directli applic member state brussel august council presid frattini oj regul amend regul ec oj propos juli publish offici journal oj hynix busi plan file fsc march expert report professor anthoni saunder matter countervail duti petit behalf petition micron technolog march quot saunder report quot saunder report standard poor corpor rate criteria www standardandpoor privat financi expert verif report meet point public fund mismanag report special committe parliamentari inspect public fund administr grand nation parti novemb fsc establish act establish financi supervisori agenc supervis financi institut enact amend separ supervisori regul financi sector fund gok consid public bodi mean articl basic regul english translat korean text hyundai electron chang hynix semiconductor march gok verif report fss public agenc main task carri financi supervis fsc guidanc consid public bodi mean articl basic regul korea econom daili august disclosur offici correspond member nation assembl korea oj kyunghyang shinmun daili januari joong ang daili januari gok verif report structur chang corpor bond market currenc crisi bi paper sungmin kim jae hwan park june juli interest note investig measur krw billion syndic loan krw trillion refinanc kdb programm krw trillion cb purchas creditor bank june result krw trillion gok verif report januari gok offici record state quot hyundai daewoo semiconductor construct korea backbon industri firm hold larg market share industri busi deepli link domest compani firm sold follow market principl quot korea time januari korea econom daili januari wall street journal januari busi week onlin april bloomberg januari reuter english new servic june quot collateralis bond oblig quot quot collateralis loan oblig quot kcgf special institut own gok document quot summari meet quot januari discuss kdb fast track programm describ function programm explain select particip carri basi compani select council consist repres kdb korea credit guarante fund creditor bank kdb acquir huyndai electron bond kdb press releas januari chosun daili januari kyunghyang shinmun daili januari regul ec oj particip compani repurchas cbo clo issu programm recit provision regul bond fall programm bond matur period hynix pai matur bond condit programm inform record june kdb held krw billion bond fall kdb programm shinhan bank ing bare april koram bank ing bare septemb hana bank morgan stanlei dean witter octob kookmin bank morgan stanlei dean witter octob note cb purchas swap equiti written bank coupl month context octob restructur measur naeoe econom daili march maeil econom daili march korea time april maeil econom april korea time june dow jone intern new june recit provision regul donga daili korea econom daili maeil econom hynix busi plan file fsc march saunder report saunder report hynix busi plan file fsc march hynix busi plan file fsc march privat financi expert verif report meet point meet point meet point meet point privat financi expert verif report meet point meet point meet point koram direct particip cb purchas june korea time june korea bank direct particip kdb debentur programm eastern econom review februari scale gok own woori bank chb note intern woori bank document recommend particip octob measur state quot hynix court receivership liquid effect nation economi immens compani account total export worker includ compani upstream downstream compani quot public interest consider account ub warburg state septemb high share gok ownership bank addit exposur futur prove unavoid korea time novemb public notic major manag topic decis made hynix cfic meet decemb korea time novemb morgan stanlei hynix semiconductor septemb european commiss director gener trade director rue de la loi wetstraat brussel