Korean media is reporting that Kumho Asiana Chairman Park Sam-koo has given up his right of first refusal for Kumho Tire. He has also stepped down from executive management for the company.

“Chairman Park has decided to resign from his management position and give up his right of first refusal to prevent any interference with the business normalization of Kumho Tire,” said Kumho Tire’s lead creditor Korea Development Bank (KDB).

This comes after a lengthy attempt by Park to buy back his majority share in Kumho Tire. The sale of the 42% controlling stake in the company was in the works with China’s Qingdao Doublestar, but was nullified due to disputes over the sale price following Kumho Tire’s poor performance in the first half of the year.

In an attempt to keep Kumho Tire under the management of Park after the sale agreement was dissolved, a $554 million self-rescue plan that included selling its Chinese plant and raising emergency funds was submitted. The plan was rejected, leading to Park’s resignation.

“When considering effectiveness and practicality, creditors decided that Kumho Tire’s self-rescue plan was insufficient to resolve the company’s current management crisis,” KDB said.

Creditors including KDB will ultimately have to seek another buyer.