The main creditor of Kumho Asiana Group has rejected the conglomerate’s self-rescue plan, calling it insufficient. 

The Korea Development Bank(KDB) said on Thursday that it made the judgment following a creditors’ meeting on Wednesday afternoon, adding most of the creditors responded negatively to the plan. 

The state-funded bank pointed out the group’s restructuring scheme lacks practical measures, including the donations of personal assets by the owner’s family and issuance of new shares, and that the group’s plan may not resolve the crisis even with a lifeline from creditors. 

The bank said it delivered the result of the creditors’ meeting to the group and expects it will come up with a new restructuring plan. 

The group submitted a restructuring plan on Tuesday, in which it promised sales of its assets in return for 500 billion won in emergency loans from the creditors to help resolve its current liquidity crisis. 

The group vowed to implement the plan within three years, saying that it is okay for creditors to sell Asiana Airlines if it fails to normalize its businesses within that time.