The major banker to debt-ridden compact disc maker Disctronics will decide next week whether to foreclose on the company.
Speaking at the company's annual meeting today, chairman Peter Massey said all but one of its Australian bankers had agreed to restructure the group's debt.
But the biggest lender, a major Australian bank, has so far refused to sign the proposal put forward by the company.
Mr Massey said later that interest payments had been missed so the bank had every right to appoint a receiver or liquidator.
He admitted the company's future lies solely in the hands of its bankers and approval of the restructure was "critically important" for the company's survival.
The company has $155 million in debts due in the current year and only $15 million in current assets.
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