The Dutch cable company United Pan-Europe Communications could file for bankruptcy protection.
Company is threatened with debt moratorium if it won’t be able to finish debt restructuring successfully.
If bankruptcy proceedings begin the company will have to forge ahead with its proposed rescue plan.
The company has to start financial restructuring in Versatel (last month it was agreed to swap $5.4bn debt for equities), in Telewest with its £5.3bn debt.
Analysts predict Mr. Malone will try to tie up his cable interests in Europe.