South Korea’s Doosan Group on Monday offered to divest owner family and corporate stakes in units under Doosan Heavy Industries & Construction Co. and Doosan Corp. to do its share in turning around the plant equipment maker in return for the 1 trillion won ($821 million) relief loan from state lenders.

The plan involves selling a stake of up to 61 percent in Doosan Solus Co., the battery copper foil and OLED material maker, and the option to sell Doosan Engineering & Construction Co. and chemical process equipment maker Doosan Mecatec to raise enough funds to clean up Doosan Heavy I&C.

“We’re reviewing all saleable or liquefiable assets as part of our restructuring plans,” Doosan Group said in a statement.

Last month, Korean state lenders Korea Development Bank and Korea Export-Import Bank agreed to extend 1 trillion won in fresh loans to credit-poor Doosan Heavy I&C on the condition of equal burden sharing from large shareholders.

Since the sales plan lacks details such as timeline or pricing terms, the group and creditors will likely clash over the restructuring outline.

“The plan is meaningless if the sale does not produce a cash outcome,” said one source from the creditor team.

Creditors are pushing for a swift sale of Doosan Solus, while the conglomerate refuses to sell off its prized unit at unfavorable terms. Sales talks with private equity fund SkyLake Investment Co., which had progressed to the final stages, fell through reportedly due to differences over the price.

If the sale of Doosan Solus fails to gain traction, creditors could pressure the group into selling shares in other key affiliates including Doosan Bobcat Inc. or Doosan Infracore Co.

For now, the group is reviewing an option to demerge Doosan Infracore and Doosan Bobcat from Doosan Heavy I&C to protect them from the company’s liquidity woes.

Shares of Doosan Heavy I&C rose 2.26 percent to close Tuesday at 4,080 won while Doosan Solus jumped 13.7 percent to 32,050 won.

By Noh Hyun, Kim Gang-rae and Kim Hyo-jin

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