Finance Minister Kim Dong-yeon has called on Kumho Tire's union to agree to the planned sale of a majority stake to China's Qingdao Doublestar. 

In a statement issued to employees of the embattled tiremaker on Friday, Kim noted that the company will not be able to repay its debt which matures next Monday without outside help. 

The minister said the only option left for Kumho is to improve its financial structure and provide the basis to normalize operations through the injection of new investments. 

He said that without an agreement between Kumho’s labor and management over the stake sale, the company will end up facing court receivership. 

The minister’s comments echo what Kumho’s main creditor, Korea Development Bank, said earlier in the day. The bank warned that cash-strapped Kumho Tire will face court receivership unless the labor union accepts the sale by the end of Friday. 

The firm’s union is opposed to a sale to a foreign company and to accepting a self-rescue plan devised by the company's creditors.