Possible buyers are hovering over Energis as the telco tries to shore up its finances.
Newspaper reports have named US telecoms giant WorldCom as a front runner, and a variety of private equity firms are also believed to be interested.
Energis renegotiated a £725m loan with bankers including the Canadian Imperial Bank of Commerce two weeks ago. The carrier recently won the contract to provide connectivity to Freeserve.
But its 2009 bond is currently trading at 13 per cent of face value. The largest holders of Energis bonds are believed to include M+G, Merrill Lynch, DKB Wasserstein, Bank of America and Barclays Capital.
Energis' European operations may also be targeted by rivals. One financial analyst said: "There have been one or two acquisitions recently at a fantastic write down.
"Global Crossing's European operation went for a bargain. A [buyout of Energis' European operations] wouldn't be silly. It is completely possible if the price is right."
Freshly launched 11nm Qualcomm silicon will come with Adreno 612 GPU
Are pinning down the exact rate of expansion of the Hubble constant
RISC OS 5 to form the basis of RISC OS Open after Castle Technology sells to RISC OS Developments
A smartphone maker fiddling its benchmarking scores? That's unusual, isn't it?