Creditors of South Korean construction firm Kumho Industrial Co. have decided to sell their stake in the company to the chief of Kumho Asiana Group after a recent sales bid fell through due to differences over a price, the lead manager for the sale said Monday.

Some 98 percent of the creditors who hold a combined 57.54 percent stake in Kumho Industrial have voted for the plan to sell their holdings to chairman Park Sam-goo and his son, Se-chang, according to statement by Korea Development Bank, which manages the deal. 

The latest decision comes after efforts to sell the stake have mostly stuttered as the 52 creditors rejected a sole bid by Hoban Construction Co. in late April, citing a price mismatch. The mid-sized builder submitted a bid of 600.7 billion won ($553 million), far short of the anticipated price of up to 1 trillion won.

Chairman Park has been seeking to buy the group's parent firm to piece back together the affiliates that were torn apart in a liquidity crisis.

Kumho Asiana Group controls Asiana Airlines Inc., the country's second-largest air carrier.

Under the plan, accounting firms Samil PricewaterhouseCoopers and Deloitte Anjin will work to evaluate the builder in June, with the sell-off scheduled to take place in the ensuing two-month period, according to the state-run lender.

If Park refuses to accept the price offered by the creditors, they can proceed with a private deal involving a third party within six months of the refusal.

Kumho Industrial had been struggling under mounting debt amid adverse property market conditions. It was lifted from a five-year debt workout program in December. (Yonhap)