Shares in troubled outsourcer Interserve today rocketed by almost 50 per cent.
JP Morgan settled a string of equity swaps totalling almost six per cent of Interserve's market value, according to a regulatory filing at lunchtime.
The sharp rise in Interserve's stock will raise hopes it is close to agreeing a rescue package with lenders.
Last year Interserve slashed profit projections and warned it would breach banking covenants.
It agreed short-term funding of £180m in December, which must be refinanced by the end of March.
Shares have tumbled in recent months as investors fear Interserve is on a similar path as failed rival Carillion.
However, last weekend a Scottish brewing tycoon confirmed it had bought £140m of Interserve's bank debt and was ready to support the firm's restructuring.
Interserve's shares eased back in the final minutes of trading, ending the day up 44.6 per cent.