The company said it would seek forbearance from its senior lenders while talks continued if the Friday deadline was missed.

The paper's senior secured lenders took hold of approximately 95 percent of the stock in the post-bankruptcy company.

"Far and away these banks have exposure to Donald only on the shuttle as senior lenders," he said.

A senior lender such as General Electric Credit would be expected to put up slightly more than 50 percent.

"Banks are senior lenders, not suppliers of high-risk venture capital," he said.

But what is perhaps more crucial to the process is the status of its senior lenders.

Its senior lenders and bondholders agreed to accept large losses in return for a larger equity position in the company.

With the changes comes a new role for the credit policy committee, a group of about 10 senior lenders headed by Mr. Martinsen, 58.

A deal was made with senior lenders, but the junior bondholders were left nursing billions of euros in losses.

Together, the company's senior lenders own 79 percent of the company; GE Capital alone has 16.6 percent.