Struggling high street chain, Woolworths is understood to be under pressure to renegotiate its debt.
A report in The Sunday Telegraph claims that the retailer's banks are concerned it does not have enough security to cover the reported £225m debt they have lent the company.
Woolworths is reported to have hired KMPG to organise a new package that will give the banks security over their loans as well as look for other sources of funding.
The Sunday Telegraph quoted a source close to the refinancing package as saying that a deal is close, with many existing banks expected to sign up for a new agreement while new ones are believed to have been found to replace those exiting the agreement.
Under-pressure Woolworths was rocked last week by a report from investment bank, Citigroup, which slammed its stores as 'worthless".