The board of directors at Kumho Industrial, the holding company of cash-strapped Kumho Asiana Group, will review a set of fresh self-rescue measures for the conglomerate, including selling off its flagship airline unit.

According to Kumho Industrial on Monday, the board will convene a closed-door meeting at an undisclosed location during morning hours.

Last week, Kumho Asiana asked its main creditor Korea Development Bank(KDB) for an additional 500 billion won in emergency loans, while pledging to sell off Asiana Airlines should it fail to meet creditors' demands in three years.

The conglomerate's creditors and the Financial Services Commission(FSC) rejected the proposal, calling it insufficient to regain market trust.

Asiana Airlines owes financial institutions three-point-four trillion won, and must repay one-point-three trillion won by the end of this year.

Kumho Asiana Chairman Park Sam-koo stepped down as group chairman and chief executive of Asiana Airlines last month due to controversy over the airline's audit report.