Hyundai Engineering and Construction announced a first-quarter profit of $35.2 million, four times the year-earlier figure.

Many of today's steps - the sixth rescue plan for Hyundai Engineering since May - had been disclosed earlier.

And indeed the conglomerate had already pledged to sell assets, without much success, prompting creditors to threaten Hyundai Engineering with bankruptcy.

"I will take more responsibility for the management of the group as well as Hyundai Engineering," Mr. Chung said.

But the Hyundai Engineering and Construction Company was not on the list, which had 29 companies.

Earlier this week, Hyundai Engineering defaulted on a $20 million loan and barely escaped bankruptcy by paying it a day late.

But Hyundai Engineering and Construction, which narrowly avoided bankruptcy, was not on the list of 29 companies.

Hyundai Engineering, the nation's largest construction company, has to repay one trillion won ($879.5 million) of its debt by the end of the year.

Hyundai Engineering twice avoided bankruptcy last week after falling behind on debt payments.

Earlier this week, Hyundai Engineering was a day late in paying its 19,000 employees, and banks agreed to extend some debt maturities.