HSBC, which had a preliminary agreement in 1999 to buy the bank, reportedly is a leading contender in a new effort by creditors, led by the government's Korea Deposit Insurance Corporation, to sell it.
In Europe, as in the United States, the creditors, led by Germany, have overwhelming political power.
LG was bailed out by creditors, led by Korea Development Bank, after a consumer-debt crisis in 2002.
The ruling was a groundbreaking victory for a group of foreign creditors led by Goldman Sachs.
Last Thursday, Astra's creditors, led by three big Japanese banks, Mizuho Holdings, UFJ Holdings and Sumitomo Mitsui Banking, approved a new restructuring.
Nevertheless, the company is quickly running into trouble with its creditors, led by GE Capital.
Mr. Nyum said that General Motors and its creditors, led by the government-owned Korea Development Bank, were "trimming each other's offers".
Ormet said former creditors, led by the investment group MatlinPatterson Asset Management of New York, would become shareholders under the plan.
If the talks fail, creditors, led by Hanvit Bank of Korea, are expected to sell Samsung Motor at auction.
Despite these issues, acquiescence by SK Global's foreign creditors was a triumph for the firm's domestic creditors, led by Hana Bank, Korea's third-largest lender.
