Belgium-based TV and outside broadcast specialist Alfacam issued a formal notification April 3 saying that its banks on April 2 had decided “not to extend the standstill in debt repayments (granted until 31 March 2013). All the credit lines granted by them to Alfacam Group were cancelled at the same time.”

The statement continued: “Due to the urgency of the situation, Alfacam Group will now try to accelerate and finalize the negotiations with one of the candidate investors in order to find as matter of urgency a structural solution for the continuity of the Group.”

Its share price instantly fell by some 34 per cent to 65 Eurocents.

India’s Hinduja Group had been in discussions with Alfacam about a rescue package, but those talks seem to have stumbled. The company has tabled an Extraordinary General Meeting for April 12. It must file a formal reorganisation plan with Belgium’s company regulation

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