South Korea’s debt-laden Hyundai Group said Monday that it had raised more than 3 trillion won ($2.7 billion) over the last year, reaching 92 percent of the target in a self-rescue plan to pay back debts.

The group had aimed for 3.3 trillion won by selling its three financial units ― Hyundai Securities Co. and unlisted firms Hyundai Asset Management Co. and Hyundai Saving Bank Co. ― plus other assets such as its luxury hotel Banyan Tree in downtown Seoul. It said that as of Monday it had raised 3.04 trillion won.

The group secured 600 billion won from the sale of logistics unit Hyundai Logistics Co. to a Japanese private fund, Orix Corp.

The sale streamlined its governance structure by ending the circular investment among affiliates that connects Hyundai Logistics, Hyundai Elevator Co. and Hyundai Merchant Marine Co.

The liquefied natural gas transport business of Hyundai Merchant Marine, its shipping subsidiary, was sold to a South Korean private fund, IMM Investment Corp., for 970 billion won.

Hyundai Group raised another 180.3 billion won by issuing new shares of Hyundai Elevator and 117 billion won by securing foreign investment in Hyundai Merchant Marine.

The remaining self-rescue plan, announced in December 2013, includes the sale of its financial subsidiaries and Banyan Tree hotel.

Korea Development Bank, one of the managers for the sale of Hyundai Securities, will reportedly accept final bids for a 36.9 percent stake in the brokerage company on Jan. 26, 2015. The deal is expected to fetch more than 500 billion won.

Three potential buyers ― Orix, local private fund PineStreet and Chinese conglomerate Fosun Group ― are competing to acquire Hyundai Securities.

Hyundai Asan Corp., the group’s affiliate that operates the inter-Korean Mount Geumgangsan tour program, had run into severe financial trouble since the program was shut down in 2008 after a female South Korean tourist was shot dead. (Yonhap)