U.S. auto giant General Motors has submitted a final offer for bankrupt Daewoo Motor, but the offer doesn't include the automaker's largest plant in Pupyong west of Seoul.
The Pupyong plant has been the main stumbling block to concluding takeover talks.
GM and partner Fiat of Italy submitted an initial proposal in May to acquire Daewoo, Korea's third-largest automaker, but have said little since then about the progress of talks.
The Finance and Economy Ministry says creditors are trying to balance economic realities and a possible public backlash that could result from excluding the Pupyong plant in a GM takeover.
The Pupyong plant, Daewoo's largest and most antiquated, employs almost half of the automaker's 15 thousand domestic workers and supports thousands of jobs at subcontracting and related firms.
The plant was the scene of fiery protests by unionized workers after layoffs in February.
Deputy Premier and Finance Minister Jin Nyum said he would personally take the blame if the sale fell through or was found to be disappointing.