``A signing ceremony is to take place between creditors and Renault, either on Thursday or Friday next week at Samsung Motors in Pusan,'' the official said.

The deal was struck after South Korean creditors of Samsung Motors and Renault resumed talks on Thursday in Paris.

The talks had earlier hit a snag after Renault belatedly discovered Samsung Motors owed 291 billion won ($260 million) to sister company Samsung Corp.Financial details of the deal were not immediately available but the Korea Economic Daily said Renault would buy Samsung Motors for $540 million to $550 million, paying $100 million in cash upfront.

Local creditors declined to confirm the deal.

``Our delegates are still on the second and last day of the resumed talks with Renault officials in Paris,'' said Ryu Han-Cho, Chief executive of Hanvit Bank, the main creditor of Samsung Motors, in Seoul.

``It's too premature to say the deal has been sealed,'' he said. He noted that the negotiators have yet to report to creditors here and receive their approval for the deal.