South Korea's Kumho Tire is set to receive investment of 646-point-three billion won from Chinese tiremaker Qingdao Doublestar.

Kumho's creditors, including Korea Development Bank, announced Friday they will push for the capital increase through the issuance of new stock with shares priced at five-thousand won. 

Creditors of Kumho Tire and the Chinese firm seek to conclude negotiations by this year's first half. 

Employment of Kumho workers will be guaranteed for three years. 

Doublestar is restricted from selling its stake in Kumho for three years while other creditors must hold on to the stock for five years.

The government must still approve certain aspects of the deal before it can move forward.