Troubled software developer Lernout & Hauspie, which is currently under bankruptcy protection, is considering setting up a new company in a bid to get creditors to take shares rather than cash.
With the two founders of the translation and speech recognition company out of the way in jail on fraud charges, Philippe Bodson, hired in January to rescue the company, said there were two options.
One is to transfer the business to another company under new investors and partners and let creditors take shares instead of claiming debts. The other is to sell off most of the company's assets to pay creditors.
Shareholders have until 5 June to make a decision on the strategy and, if the vote is unanimous, bankruptcy protection may be extended for up to two years.
The company faces creditor claims of around £350m and is under scrutiny by the Securities and Exchange Commission for a series of "accounting errors".
IBM and Technical University of Munich team demonstrate how Shor's algorithm, which can't be cracked by conventional computers, can be solved quickly with quantum computing
Hubble Space Telescope finds superflares from young red dwarfs could strip away planetary atmosphere
Younger stars are 100 to 1,000 times more energetic than when they're older
Two of the big four supermarkets will use the system to control sales of restricted products
PUBG news and updates: November's Update #23 to bring new Skorpion pistol and changes to blue zone visibility
Genuinely useful side-arm coming to PUBG in Update #23