An official from the main creditor Korea Development Bank raised the possibility that financial regulators would start talks with the group to map out a normalization process after HMM’s third-quarter operating performance was unveiled on Nov. 13.

“Apart from the earnings performance, (the authority and creditors) will closely review cash-related standings,” said an official of the state-run KDB.

Local analysts estimate that HMM will face interest and debt redemption payments of 970 billion won next year. Its redemption burden could grow if it is refused a rollover for some long-term borrowings.

Before then, the company is scheduled to repay debts of 1.5 trillion won by the end of this year. The figure includes bank borrowings, corporate bonds, corporate bills and financial lease.

The group’s woes have drawn attention after its plan to secure liquidity by selling off a stake in its stock brokerage unit failed.

Last month, Japan-based Orix Corp. scrapped its earlier position to take over Hyundai Securities.

The equity fund had reportedly sought to acquire a 22.43 percent stake in Hyundai Securities from HMM, for 647.5 billion won.

On top of the debt held by the merchant firm, Hyundai Group has yet to find a breakthrough for growth potential amid a deadlock in its inter-Korean businesses, which is taken on by Hyundai Asan.

The biggest shareholder of HMM is Hyundai Elevator -- which is a unit directly led by chairwoman Hyun -- with a 19.5 percent stake.

Some market insiders say Hyun might seek stake deals with Hyundai Motor Group or Hyundai Heavy Industries, whose chairmen are her brothers-in-law - Chung Mong-koo and Chung Mong-joon, respectively.

Among other units of the conglomerate are Hyundai U&I, Hyundai Asset Management, Able Hyundai Hotel & Resport and Hyundai Research Institute.

By Kim Yon-se (kys@heraldcorp.com)