Hynix to unload flat-panel unit.

Byline: Roger du Mars in Seoul and Shu-Ching Jean Chen in Hong Kong

The world's third-largest chipmaker, Hynix Semiconductor Inc., on Wednesday, Nov. 20, said it had agreed to sell its Hydis flat-panel-display unit to China's BOE Technology Group for slightly more than $380 million as part of its ongoing battle to stay afloat.

Shackled by debt in excess of $5 billion and a perpetual downturn in dynamic random access memory, or DRAM, chip prices, Hynix is also planning to shed its other five subsidiaries. It may even spin off part of its core semiconductor business to avoid liquidation.

Hynix spokeswoman Seong Min Chung said BOE Technology will pay Hynix's creditors a single payment of $380 million in cash in the first week of December. The state-controlled television parts maker, which signed a memorandum of …