Troubled burger chain Byron is set to launch a new bid to restructure the company on Wednesday.
The company plans to enter into a company voluntary arrangement (CVA) with its creditors prior to a cash injection from investment firms.
The CVA, which requires the agreement of creditors, is a vital part of the restructuring process – without it new investors will be unwilling to plough cash into the business.
If Byron does get its CVA, it would allow investment company Three Hills Capital Partners to become a majority shareholder, according to a Sky News report.
FPP Asset Management would take a stake, while existing owner Hutton Collins would keep a minority holding.
Byron employs more than 1,800 staff and has more than 70 UK outlets. It was valued at £100m in 2013, but may now be worth just £20m.
Information distributed to potential bidders is alleged to show that 13 of its 70 UK sites are loss-making or marginal.