Lenders to Eddie Stobart Logistics (ESL) are understood to have recruited advisers to help negotiate a potential financial restructuring of its £155m net debt position.
Sky News claims lenders have called in Alverez & Marsal, a global professional services firm notable for its work in turnaround management and performance improvement for high-profile international businesses such as Lehman Brothers and Arthur Andersen.
Lenders are demanding answers after ESL failed to publish half-year results amid ongoing investigations into accounting irregularities.
The news comes only days after confirmation that one of ESL's largest shareholders has been granted an extension by UK regulators to make a firm takeover offer.
DBAY Advisors now has until 16 October to either make a buyout bid or walk away.
A“highly preliminary expression of interest” was also made by former Stobart boss Andrew Tinkler for the business, via his company TVFC last month.
TVFC must make a bid or decline by the same deadline, although this could also be extended with permission from the regulators.
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Last month, ESL warned that 2019 profits will be “significantly below the board’s expectations”.
In a trading update to investors, it confirmed it expected revenue for the first half of the year to be approximately £450m and underlying EBIT for the same period to be in the range of £10-11m.
Net debt at 31 May is expected to be approximately £155m.
The board blamed the downturn on “an adverse performance against an ambitious budget alongside delays in the implementation of operational efficiencies”.
