A group of entrepreneurs representing 160 companies petitioned the South Korean government to lift the May 24 economic sanctions on Tuesday, saying that the measures were pushing their companies toward bankruptcy, according to South Korean news agency JoongAng Daily.

The group held a press conference in Seoul, urging President Park to reconsider the sanctions which were brought in after the sinking of the South Korean navy vessel the Cheonan. The restrictions mean that South Korean companies with money tied up in the shuttered tourism project at Mt. Kumgang have not been able to profit from their investments.