The resignation of 50 Daewoo chief executives strengthened speculation that Daewoo, the country's second largest conglomerate, had been plagued by chronic cash shortages.

Group officials declined to link the resignation to Samsung's decision to put its auto unit under court receivership by breaking an earlier agreement to hand it over to Daewoo in a swap for Daewoo Electronics Co.

But analysts said Samsung's abrupt move would aggravate Daewoo's cash-flow problems. A foreign stock dealer said Daewoo's total liabilities would exceed 60 trillion won ($52 billion).

"Daewoo's cash-flow problems will get worse following Samsung's decision," LG Securities analyst Kim Jong-Hwan said.

"All 50 CEOs at home and abroad tendered their resignations," a Daewoo spokesman said, adding the group's new chiefs to be nominated soon bychairman Kim Woo-Choong would be unpaid until the group completes its restructuring.