Separately, Daewoo Motor said it would submit the plan soon and it would include resignations of 135 Daewoo Motor executives in a move to help facilitate restructuring. Analysts said new loans would be critical to keep the bankrupt carmaker, carrying on operations before it finds a buyer."Fresh loans to Daewoo Motor will be determined by creditors after the carmaker turns in the self-rescue plan," said a KDB spokesman.

The automaker has said it needs an additional 450 billion won ($402.1 million) by the end of this year to stay in business.

Yonhap news agency said that KDB and four other creditor banks had provided Daewoo Motor with 100 billion won on Monday and Tuesday as part of funding already agreed, since Daewoo Motor was put under a debt workout programme in August 1999.

The spokesman could not confirm the report and KDB officials in charge of Daewoo Motor were not immediately available for comment.

On the question of resignations, a Daewoo Motor spokesman said: "The 135 executives have offered to resign, which will be part of the self-reform plan to be submitted very soon." He said 54 were Daewoo Motor executives working in overseas operations in Poland, Romania, Uzbekistan and India and the rest in Korea. Daewoo Motor is one of 12 Daewoo Group firms creditors rescued last year and are currently trying to restructure and sell off. As Daewoo and creditors negotiate funding, the world's largest automaker, General Motors, has said this week it and partner Fiat SpA would enter into talks to buy assets of Daewoo Motor and its related companies. GM lost out to Ford Motor in June for the right to enter exclusive talks with Daewoo but has shown renewed interest since Ford abruptly pulled out of negotiations last month, two weeks before it was expected to make a binding offer. GM is perceived as the best informed party regarding Daewoo Motor, as the two had a 15-year alliance which ended in 1992.

In the wake of Ford's pullout from talks with Daewoo Motor, KDB had vowed to find a new buyer by October 20. But analysts said an October 20 target for a firm bid on the Daewoo auto-related companies appeared unrealistic, and a year-end target set for corporate restructuring by the government was more important and realistic.