Little Chef is in talks with a consortium of American investors over a refinancing package, according to The Times.
Today's report states that financial advisor KPMG is helping the group to find the cash and stave off the threat of bankruptcy.
It emerged last week that the 235-strong roadside chain was seeking fresh investment because co-owner Lawrence Wosskow was in ill-health and wanted to pull out.
But rumours have persisted that the company is having difficulty paying its rent after raising £60.3m from a sale and leaseback deal with Israeli property group Arazim for 65 sites.
Together with Simon Heath, the pair paid £52m for the business last October.
The report also states that there are unconfirmed reports that PricewaterhouseCoopers has been lined up to handle any administration process should the current negotiations fail.
By Tom Bill