Hopes of a sale of the business and assets of SubSea Resources look set to be dashed with the likelihood that administrators will be brought in to the business.
In a statement today, SubSea said it had reviewed the current status of the sale process and concluded "that no viable option is available to meet the company's cash needs in the short term".
As a result it has instructed its lawyers to file a notice of intention to appoint administrators over the company.
Problems at SubSea became critical in early March when it requested an AIM suspension. At the time, the company said it was seeking a sale of its assets and business and had appointed Kroll as sale agent.