The head of the financial watchdog says he expects more discussions will be held between Kumho Asiana Group and its creditors over the conglomerate’s restructuring plan. 

Financial Services Commission Chairman Cho Jong-ku made the remark in a meeting with reporters on Friday. 

He said because the creditors clarified their position on the issue, there will be more talks between them and Kumho Asiana, adding he will wait and see before taking next steps.  

Asked whether it is the right direction for the conglomerate to sell its flagship company Asiana Airlines, the FSC chief declined to comment, asking for more time to make a judgement.

On Thursday, the Korea Development Bank(KDB) and other creditors of Kumho Asiana Group rejected the conglomerate’s self-rescue plan, calling it insufficient to restore market trust.  

The group submitted the plan on Tuesday, promising to sell off its assets in return for 500 billion won in emergency loans from the creditors to help resolve its current liquidity crisis. 

KDB pointed out the scheme lacks practical measures, including the donations of personal assets by the owner family and issuance of new shares.