Brighthouse, a rent-to-own high street retailer, could be taken off the hands of its private equity if bondholders can agree on a deal.
It is understood that a proposal is still in the works for a consortium of bondholders led by investment giant Apollo, whereby a debt-for-equity swap could wrest control from Brighthouse's private equity owner Vision Capital.
A proposal is expected in the next few weeks, but the deal is still in the early stages and will require the agreement of all the bondholders to go ahead.
Brighthouse put itself up for sale earlier this year as it faced difficulties refinancing £220m of bonds due next year.
The retailer's woes began after the City watchdog raised concerns over its model, which lets consumers pay for household items in weekly instalments. It has since attempted to win back favour with the FCA but its financial problems led Vision to bring in advisers.
A spokesperson for Brighthouse declined to comment.