The launch of GM-Daewoo Motor Company may be delayed by a dispute between creditors, Reuters reported, citing a South Korean newspaper.

Reuters said that creditors of bankrupt Daewoo are struggling to decide on who invests how much in the new GM-Daewoo as part of the acquisition agreements.

Creditors agreed to buy $197 million worth of GM-Daewoo shares when GM signed a $400 million deal in April 30 to buy key assets from Daewoo, Reuters said.

Reuters said that some lenders have also refused to extend new loans to Daewoo because the agreed interest rates are considered too low and its business prospects are still uncertain.