The government says Taeyoung Group must submit another substantial self-rescue plan to gain the trust of its creditors in addition to the four plans unveiled when applying for a workout of Taeyoung Engineering and Construction(E&C).

Finance minister Choi Sang-mok discussed the issue on Monday with heads of the Bank of Korea, Financial Services Commission, Financial Supervisory Service and Korea Development Bank(KDB) among others.

The KDB, which is the company's main creditor, said headway was made in the four self-rescue plans that Taeyoung had submitted when applying for the debt restructuring, adding that creditors will continue consultations based on such progress.

The four plans include injection of all of 154-point-nine billion won, or around 118 million U.S. dollars, from the sale of Taeyoung Industry and sale of subsidiary Ecorbit, with proceeds to be directed toward the construction firm, as well as the pursuit of a sale of its subsidiary BlueOne.

The group, which completed payment of 154-point-nine billion won from selling Taeyoung Industry on Monday, said it will faithfully fulfill the remaining three plans, while drawing up additional measures in consultation with the KDB.

As he urged the construction firm to gain the trust of its creditors with another self-rescue plan, Choi called on the financers to proceed normally with workout procedures once they confirm Taeyoung's determination toward self-rescue.