The Hyundai Group is on the verge of losing the deal to buy a major stake in Hyundai Engineering & Construction (E&C), with its creditors staying dubious on the group's financial status, the creditors said Friday.

Creditors of Hyundai E&C seeking to cancel the deal with Hyundai Group cited its lack of ability to pay for a 34.88 percent stake in the company.

The creditor committee, composed of eight creditors, is set to convene a voting session where they will discuss whether to drop the deal with Hyundai Group.

The financial decision will likely be announce no later than Wednesday, the creditors said.

Hyundai Group instantly protested against the announcement, claiming it met the financing requirement presented by the creditors' committee, led by Korea Exchange Bank (KEB), Woori Bank and the state-run Korea Finance Corp.

Requested by creditors to provide evidence to its ability to pay for the Hyundai E&C stake deal, Hyundai replied with its deposits in France-based Bank Natixis.

Despite the claim, creditors questioned the money has been arranged through risky deals, while Hyundai said the deposits are part of loans from the French bank.

Hyundai Group denied creditors' move, strongly arguing their back-up evidence submitted to creditors was legitimate to prove their financial ability.

Meanwhile, it is reported that creditors will review whether to hand over the stake to Hyundai Motor Group, which took part in the bidding race for Hyundai E&C as sole rival of Hyundai Group.

On Nov. 16, Hyundai Group was picked as preferred bidder to acquire the Hyundai E&C stake at 5.5 trillion won (4.76 billion U. S. dollars) and later settled a preliminary deal with the creditors.

Fighting against Hyundai Motor Group, the race for Hyundai E&C drew media attention as it was a tug-of-war between two business groups that once belonged together under the control of ex-Hyundai Group owner Chung Joo-young.

Hyundai Motor Group is currently run by Chung's eldest son Chung Mong-koo, while Hyundai Group, which was inherited to his brother Chung Mong-hun, is now controlled by widow Hyun Jeong-eun.