Travel group Thomas Cook is fighting to put together a last-minute package to prevent its collapse.
According to Sky News , the travel agent has been holding emergency talks in an effort to sell its Nordic airline and tour operating units and raise cash.
About 9,000 people work for Thomas Cook in the UK, while about 150,000 Brits are currently on its holidays.
Sky reports AlixPartners is expected to be appointed to handle a insolvency process if the rescue efforts fail.
Thomas Cook is also believed to be looking at options such as separating its profitable airline business from its tour operating arm.
The company's shares have plunged 92% in the past year as the travel operator struggled and debts mounted.
Both the Civil Aviation Authority (CAA) and Department for Transport (DfT) are said to be aware of the talks so they can draw up contingency to repatriate customers on holiday should things fall apart.
Thomas Cook Group has previously warned it could collapse if a rescue deal is not finalised this month, with a court filing last week reading it "would be likely to run out of money and enter into formal insolvency proceedings" if it did not.
The British company was founded 178 years ago by a 32-year-old cabinet-maker who began offering one-day train excursions from Leicester to Loughborough for a shilling.
It went on to become one of the world's biggest holiday companies.
