Hyundai Group has almost finished carrying out its self-rescue plan to generate 3.3 trillion won ($3.05 billion) to cover mounting debts, part of moves to weather a worsening liquidity crunch.

The South Korean conglomerate, which has been pushing ahead with restructuring since December 2013, has secured some 3.27 trillion won by selling off affiliates and assets, according to the company on Tuesday.

It also expects to raise an additional 400 billion won by selling its financial unit Hyundai Securities, for which it has received bids from Seoul-based private equity fund firm Pine Street and Japanese financial group Orix.

Hyundai Group companies have been under growing financial pressure to support Hyundai Merchant Marine, the country’s No. 2 shipping line, which has recorded heavy losses in recent years following the slump in the global shipping industry.

They have also faced increasing calls from creditors including state-run Korea Development Bank to refinance debt.

With the restructuring Hyundai aims to pay back 1.3 trillion of debt and lower the debt ratios of its three key affiliates ― Hyundai Merchant, Hyundai Elevator and Hyundai Logistics.

Thanks to the cash-strapped company’s aggressive restructuring effort, it seems to have managed to shore up its finances.

“Given that it’s been one year since the company announced the self-help plan, it will be a satisfactory result for Hyundai so far,” an industry insider familiar with the issue said.

For example, Hyundai Merchant’s debt ratio dropped to 763.7 percent in September 2014 from 1,214.2 percent a year ago.

In July 2014, Hyundai Group sold 88.8 percent of its logistics unit Hyundai Logistics to Orix for 600 billion won to cope with a prolonged slump in its core shipping business.

As a part of the restructuring, the family-run conglomerate secured 970 billion won in fresh cash with the sale of liquefied natural gas tankers operated by Hyundai Merchant Marine.

By adding Hyundai Merchant Marine’s plans to sell part of its port terminals business for 150 billion won, the group has secured more than 1.97 trillion won, nearly 60 percent of the total cash it hopes to generate through the self-help plan.

Last year, the business group sold off 14 billion won worth of stocks it held in Hyundai Oilbank with a further 46.5 billion won worth of fresh cash generated through the sale of its stocks in KB Financial Group.

Hyundai Elevator also successfully generated 180.3 billion won from a “capital increase with consideration program,” giving it more breathing room.

Hyundai Group is the smallest of three conglomerates created through the breakup of the Hyundai empire over a decade ago, along with Hyundai Motor and Hyundai Heavy Industries.

By Park Han-na (hnpark@heraldcorp.com)