Deputy Prime Minister Jin Nyum is urging bankrupt automaker Daewoo Motor to embrace reform while it waits for the start of formal sale talks with General Motors.

The number three carmaker is saddled with an estimated 15 billion dollars in debts and got a fresh wave of financing from creditors this week.

But Jin cautioned the automaker against relying on continued bailouts pending a possible deal with GM.

Jin, who also serves as Finance and Economy Minister, said it's not the government or creditors but Daewoo Motor's management and labour that will make their destiny.

The government wants the new management to restructure operations by the end of this year.