Domestic tiremaker Kumho Tire appears to have found a way to normalize management, narrowly avoiding court receivership.

Lee Dong-gull, chairman and CEO of Korea Development Bank, the tiremaker's creditor, held a news conference at Gwangju City Hall on Friday and announced that the labor and management of Kumho Tire have reached an agreement. 

Lee said the two sides agreed to decide on the issue through internal labor union procedures, and the result will be submitted to the creditors.

The internal procedures are likely to refer to an up-or-down vote by unionized workers on whether they support the sale of their company to Chinese tiremaker Qingdao Doublestar.

The labor union will hold a briefing for its members on Sunday and proceed with the vote from 10 a.m. to noon.

Considering the mood within the union and local public opinion where Kumho plants are located, workers are expected to vote overwhelmingly in favor of the sale.

A statement on Friday by Finance Minister Kim Dong-yeon calling for the overseas sale of the company and remarks by the presidential office that it wouldn't resort to political considerations appear to have swayed the union.