Hyundai Motor (KSE: 05380) have siubmitted a spin-off plan to the Hyundai Group restructuring coordinating committee which would require that 67 percent of founder Chung Ju-yung's 9.1-percent stake in the company be sold off.

The committee had intended to file an application for the spin-off with the Fair Trade Commission on Friday, but will probably have to defer it until Monday because of the time needed for legal procedures and paperwork.