The steering committee includes Union Bank of Switzerland, HSBC Holdings PLC, ABN Amro, Chase Manhattan Bank, Citibank, National Australia Bank, Bank Of Tokyo Mitsubishi, Dai-Ichi Kangyo Bank and Arab Bank.

The committee was formed following a presentation by Daewoo Group to its foreign creditors regarding its restructuring plan.

Daewoo Group's domestic creditors approved Monday the new restructuring plan, which will shrink the debt-ridden conglomerate into six subsidiaries from 25.

Meanwhile, Daewoo Group was asking foreign creditor banks to roll over its short-term debts, Lee Pan Woong, managing director and chief finance officer at Daewoo Electronics Co., said Wednesday.

In a meeting with foreign creditors, Mr. Lee said that Daewoo Group is presenting detailed information about its debt structure, reviewing short-term cash-flow projections and discussing the terms of a new restructuring plan agreed on with domestic creditors.

Daewoo Group's foreign-currency denominated debts was about $9.94 billion at the end of June. Of that total, Daewoo Group was asking foreign creditors to roll over about $2.95 billion.