Hynix is a semiconductor corporate that united Hyndai-Electronic with LG-semiconductor in 1999. After union, Hynix was second in the field of the semiconductor market but ran into the liquidity crisis due to a increased debt from the process of the merging and a fallen price of semiconductor. Eventually, Hynix faced a huge crisis to sell a division of the memory to their competitor, Micron at 2002. But Hynix took the way of not the sales of the memory but their own survival at the liquidity crisis moment. And they had to get through the problem of liquidity stability and the checks through compensation duties from competitors simultaneously. Hynix settled down the restructurings of finance and divisions intensively. Though tough situation, Hynix fully invested in Research and Development and it has obtained high earning ratio at the moment of turning boom in semiconductor industry. And with investments to overseas operation they overcame the pressure, the compensation duties from competitors. At last, November in 2004, Hynix not only is the second againbut also obtain the biggest operating profit since their opening, so made a successful comeback. They also attain liquidity stability. And they wait for a chance to get the first in their field as constructing second manufacturing plant in China. The primary concern of the corporate got in trouble in a critical situation is the priority order on the liquidity stability and the centralization of division as restructuring. But simply cutting down divisions and trying to stable liquidity is not the fundamental solution but the extension of crisis at a point of macro. So, this case shows that the core to overcome the crisis of management is to restructure a central division by means of attaining superiority over competition with the others and centralizing theircompetitive advantage.