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Exhibit 4.48
 Confidential Treatment Requested
 
 Agreement for Credit Transactions (I)
    Byeong Kyuck Sohn
 Stats ChipPac Korea Ltd
 Article 1.
    
    Terms and Conditions
 (1)
    
    The terms and conditions shall be as follows;
 Item
    
    Term Loans for Factory Purchase and Refurbishment Cost(Partial Drawdown)
    
    Transaction Method
    
    o Limit loan transactionn Individual transactionCommitmentAmount(CeilingLoan Amount)
    
    US$25,000,000(Twenty Five million US dollars)Execution Date
    
    June 01, 2006
    
    Expiry Date
    
    June 01, 2009Interest Rate
    
    o Fixed rate(Article 3 Paragraph 2-1 of General Terms and Conditions for Credit Transactions)
    
    By the expiry dateo          % p.ao Others(                    )
    
    Default Interest Rate up ton Floating rate(Article 3 Paragraph 2-1 of General Terms and Conditions for Credit Transactions)
    
    n     3M LIBOR + XXXXX% p.a.
    
    (Article 4 Paragraph 5 of General Terms and Conditions for Credit Transactions)       % p.a
 Calculation method forinterest and default interest
    
    Interest shall accrue from day to day, shall be calculated on the basis of the actual number of days elapsed
and a 365 day year. However, with respect to foreign currency transaction, it will be in accordance with
international business practice and custom.
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Method of Drawdown
    

    o Total amount will be drawn down on the execution date.n It will be drawn down in installment after confirming the purpose of funds and necessary amount by virtue of
evidential documents or actual things.o It will be drawn down upon the Borrowers request who is fulfilled the necessary conditions.o Others (                                                  )Repayment
    
    o Total amount will be repaid on the expiry date.n Each US$1.5 million will be repaid every three months with a one-year grace period.
At maturity, the remainder of US$13 million should be repaid or extended based on the agreement between the Bank and the
BorrowerMethod and Date
to Pay Interest
    
    o The first interest will be paid on the execution date, and thereafter, the interest will be paid in advance on the
following day of preceding interest period.o It will be paid in advance by the maturity date of promissory note.n The first interest will be paid within ( 1 ) months after the execution date, and thereafter interests will be paid within
( 1 ) months from the next month of preceding interest period.o It will be paid on installment payment date or monthly deposit date.o It will be paid on the expiry date.o Others (                                                  )l It is possible that any amounts paid through ATM or internet after banking business hour may not be settled on that day.
 Article 2.
    
    Default Interest
 (1)
    
    If the Borrower fails to pay the Borrowers principal, interests and installment
repayments due and payable, the Borrower will immediately pay default interest on the
total amount payable.(2)
    
    If the Borrower fails to pay its obligations by due date or any amount is due and
payable by acceleration pursuant to Article 7 of General Terms and Conditions for Credit
Transactions (including repurchase discounted bills pursuant to Article 9 of General Terms
and Conditions for Credit Transactions), the Borrower will immediately pay default
interest on the total amount payable.(3)
    
    In case of trust loan by accumulation plan, the Borrower shall immediately pay
default interest accrued on payable interest until the date preceding the date of set-off,
on outstanding balance of loan after the date of set-off to the actual payment of the
outstanding loan.
 Article 3
    
    Fixing Total Amount Payable and Notice of Installment Repayment Schedule Table
 (1)
    
    With respect to the installment execution loan, the total amount payable shall be
fixed after executing the final installment by Installment repayment schedule table,
receipt or other documentary evidences.(2)
    
    With respect to installment repayment loan except loans and payments to a company
secured with an installment savings deposit, the Bank shall notify the debtor of
Installment repayment schedule table for the fixed total amount payable.
 Article 4.
    
    Reduction; Suspension
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(1)
    
    With respect to limit loan transaction and installment execution loan, if the Bank
reasonably determines that the Borrower may not perform its obligation hereunder due to
any materially adverse circumstances occuring in the national economy/financial condition
or the Borrowers credit status becomes materially weaker, the Bank, upon notice, may
reduce commitment amount (ceiling loan amount) determined in Article 1 or suspend the loan
transaction. In such case, the Borrower shall immediately repay amounts which exceed the
limit.(2)
    
    If the causes described in Paragraph (1) are resolved, the Bank shall immediately
release the reduction or suspension.
 Article 5.
    
    Fee on Unused Balance of Credit
  Article 6.
    
    Stamp Tax
 (1)
    
    (n the Borrower, o the Bank, o the Borrower and bank each 50%) bear stamp tax for
executing this agreement.(2)
    
    In the event that the Bank pays on the Borrowers behalf the stamp tax not paid by
the Borrower, the Borrower shall immediately reimburse the Bank in accordance with Article
4 of General Terms and Conditions for Credit Transactions.
 Article 7.
    
    Currency and Foreign Exchange Rate
  Article 8.
    
    Security and Insurance
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Article 9.
    
    Establishment of Pledge
 (1)
    
    In order to secure the Borrowers obligation under this agreement, the Borrower
pledges the accounts specified below, and accomplished delivery of the certificate
(deposit passbook) to the Bank.(2)
    
    The security created by Paragraph (1) shall be effective into principal and earning
(including any amount deposited after executing this agreement) and interest, special
bounty, legal bounty(3)
    
    The security is a continuing security in the case of extension of term, rewriting,
renewal, division, increment, and reduction for the pledged account. When term of pledged
trust is extended or it is automatically extended due to delay, the security will be
effected into its earning.(4)
    
    The Bank may effect a set-off not or make withdrawal and application in accordance
with General Terms and Conditions for Credit Transactions instead of exercising the pledge
pursuant to Paragraph (1).
  20 ...AccumulatedAccount
    
    Holder (Truster)
    
    Total
    
    amount
    
    Issuing
    
    ExpiryItem
    
    No.
    
    Beneficiary
    
    Amount
    
    deposited by
    
    Date
    
    DateN/A
    
    N/A
    
    N/A
    
    N/A
    
    N/A
    
    N/A
    
    N/AN/A
 Article 10.
    
    Obligation to Maintain the Ability to Repayment
 (1)
    
    I (we) agree to maintain suitable financial ratio as follows in order to maintain the
ability to discharge all obligations under this agreement. If any agreements for
improvement for financial structure are executed, these will be attached hereto and these
shall be part of this agreement.
 Classification
    
    2006
    
    2007
    
    2008
    
    2009
    
    2010Debt Ratio
    
    N/A
    
    N/A
    
    N/A
    
    N/A
    
    N/A
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Classification
    
    2006
    
    2007
    
    2008
    
    2009
    
    2010Settlement Ratio
    
    N/A
    
    N/A
    
    N/A
    
    N/A
    
    N/A(     ) Ratio
    
    N/A
    
    N/A
    
    N/A
    
    N/A
    
    N/A(     ) Ratio
    
    N/A
    
    N/A
    
    N/A
    
    N/A
    
    N/A
 (2)
    
    I (we) agree to confer with the Bank before acting as follows:
 1.
    
    Merger, business transfer, or disposal or lease of valuable property;2.
    
    Investment to other property than agreed under this agreement;3.
    
    Guarantee to 3rd partys debts;4.
    
    Advance of new business or foreign investment;5.
    
    Material adverse change to management such as work out or application for
private composition;
 (3)
    
    When the Bank requests proper evidence for following acts for the purpose , I (we)
agree to
 1.
    
    Disposal of securities and real estate;2.
    
    Major shareholders financial investment;3.
    
    Capital increase with consideration or initial public offering.
 (4)
    
    Paragraph (1) and (3) shall be applied herein only if I (we) and the Bank mutually
agree to do so in the Special Agreement.
 Article 11.
    
    Documents
 (1)
    
    I (we) agree to submit the following documents upon the Banks request such documents
on each period pursuant to Article 17 and 19 of General Terms and Conditions for Credit
Transactions:
 1.
    
    Quarter basis : Value Added Tax Statement, Compound trial balance,
Statement of borrowing, List of expected sales per each customer and product;2.
    
    Semi-annual basis : Semi-annual financial statement, Value Added Tax
Statement, Compound trial balance, Statement of borrowing, List of expected sales per
each customer and product;3.
    
    Annual basis : Independent auditors report, Consolidated financial
statement, Commercial Registry Extracts, Certificate of Corporation, Shareholders
List, Articles of Incorporation, Earned income payment record, Prospectus, Estimated
financial statement (3 year), List of important customers, copies of licenses (KS,
ISO, patent right, etc), Labor dispute record, Product explanation, Compound trial
balance;4.
    
    Any time upon request : Compound trial balance, Statement of borrowing,
Confirmation of fund use.
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(2)
    
    I (we) agree to submit the following documents upon the Banks request in order to
evaluate my (our) companys foreign exchange risk as part of my (our) credit evaluation:
 1.
    
    Foreign exchange risk management structure and its policy;2.
    
    Raising foreign currency funds;3.
    
    Derivatives transactions denominated at foreign currency.
 Article 12.
    
    Language
  Article 14.
    
    Special Agreement
 1% extra charge will
be levied in case of
repayment by refinancing
from other bank
    
    Principal
The Borrower: STATS ChipPAC Korea Ltd.
Representative Director: Byeong Kyuck SohnSecurity Provider: STATS ChipPAC Korea Ltd.
(seal)
 The Borrower hereby
confirm that the
Borrower received
each copy of the
General Terms and
Conditions for Credit Transactions
and this Agreement
and that the
substantial matters
relating thereto
have been
sufficiently
explained by the
Banks officer and the Borrower
understands them.
    
    Desire to Written Notice of Agreement
    
    þ Yeso Noþ Yeso No
    
    PrincipalSecurity Provider
    
    The Borrower:STATS ChipPAC Korea
Ltd.
Address: San 136-1,
Ami-ri, Bubal-eub,
Icheon-si,
Kyoungki-do,
467-701 Korea
Representative
Director:Byeong Kyuck Sohn (sealed)STATS ChipPAC Korea Ltd.
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