SEOUL, Dec. 31 (Xinhua) -- South Korea's liquidity-strapped Kumho Asiana Group will maintain its managerial rights over its debt-ridden units for up to five years even after debt-for-equity conversions, local media reported Thursday.

    The country's ninth biggest business group will retain its managerial rights over its two main units, Kumho Industrial Co. and Kumho Tire Co., which were placed under a debt restructuring program on Wednesday, for up to five years even after debt-for-equity swaps, according to local media.

    The two units' debt owed to local banks totals about one fifth out of the group's estimated 18 trillion won (15 billion U.S. dollars) of debt.

    The group's two key units, Kumho Petrochemical and Asiana Airlines, avoided debt rescheduling on Wednesday, but the group will have to give up on its managerial rights over them if it fails to normalize business operations of the two units for additional two years after three given years of voluntary restructuring period, according to media reports.

    The petrochemicals-to-airline conglomerate got into financial trouble as the planned sale of its construction unit Daewoo Engineering & Construction hit a snag, causing a serious liquidity squeeze which deteriorated amid a global financial downturn.

    Creditor banks led by state-run Korea Development Bank (KDB) on Wednesday said they will take over the group's construction unit.

Special Report:  Global Financial Crisis