SEOUL. Aug 7: Creditor banks have worked out a plan for restructuring the shaky Daewoo business group, featur-■ing the sell-off of Daewoo’s giant shipyard following a equity-debt swap, bankers said-today, reports AFP.

"The task force for Daewoo restructuring studied the revised written pledge to improve financial structure submitted by Daewoo and decided (Jnjnea-.sures for each subsidiary,"JaKo-^eaWst Bank; spokesman said. . ‘‘■The draft provides that the group's construction arm and a personal computer operation be separated from the group and then sold off while its shipyard will also be auctioned off following an equity-debt swap.

Creditors also accepted Daewoo's proposal that its auto unit, Daewoo Motor Co. be either sold outright, to General Motors (GM) or some equity stake be handed over to the US giant.

But the creditors and Daewoo have yet to agree on how to deal with the bone of contention — Daewoo Securities Co.

Creditors and the government have been pushing Daewoo to spin off the securities house while the group has been persistently holding on to the cash cow.

If implemented as it provides, the.-draft would leave the sprawling empire of Daewoo with eight subsidiaries related to automaking and trading officials of Daewoo’s main creditor, Korea First Bank. said.

They include Daewoo Motor, Kyungnam, Daewoo Motor Sales, the car parts section of Daewoo Telecom, Daewoo Capital Management, the trading arm of Daewoo Corp, Daewoo Securities and the heavy equipment section of Daewoo Heavy Industries.