Troubled consultant Mouchel has hired Goldman Sachs to advise on how to deal with its substantial debt pile.
According to reports in the Sunday Times, the bank will consider a debt-for-equity swap which would rest control of the company from shareholders, putting its lenders in charge.
A break of the company is also reported to be an option.
It issued an £8.5 million profit warning in October and has an estimated £90m of debt.
The company sold its rail and pipeline design businesses last year.
Mouchel declined to comment on the Sunday Times’ report.