Bosses at a north-east subsea company employing more than 300 people were trying to seal a financial deal last night to save the business.
Subocean Group has been involved in refinancing talks for several months, but no agreement was reached.
The firm, which was named second-fastest-growing private company in the UK just last month, has gone to court in a bid to avoid administration.
Staff gathered in groups outside the office at Arnhall Business Park, Westhill, yesterday while their bosses deliberated the future of the company.
One worker said all contractors and temporary employees had been sent home in the morning, with only salaried workers being allowed to stay on.
Another said he thought it would take a couple of weeks for events to unfold.
A Subocean spokeswoman said yesterday: “We are in dialogue with a number of parties who have expressed an interest in investing in or acquiring the business as part of a refinancing solution.
“The directors, who are working tirelessly on refinancing the business, firmly believe these discussions are in the interests of the staff, creditors and stakeholders of the business.
“In order to provide a period of stability that will allow these discussions to take place in an orderly fashion, a moratorium is in place following the filing of a notification to the Court of Session in Edinburgh yesterday afternoon.”
Subocean is described as a UK market leader in underwater cable-laying for offshore wind projects.
The managing director is John Sinclair, former managing director of CNS Subsea, which collapsed owing more than £20million in 2005.
It owed almost £10.5million to the Bank of Scotland, just over £9million to ordinary creditors and nearly £50,000 to staff when it went into administration in May that year.
A subsidiary company, CNS Renewables, which owed a further £2.6million to ordinary creditors and just under £1.4million to the Bank of Scotland, was also put into administration eight days later.
CNS Subsea was then sold back to its former boss and two other north-east businessmen – a move that sparked a furious reaction among the failed business’s ordinary creditors, who were told they would not get anything despite the deal.
Since then, Subocean has carved out a niche for itself as a specialist in subsea cable installation and burial, and last year the company saw its annual sales top £65million.
In December 2009, LDC, the private equity arm of the Lloyds Banking Group, invested £17million in the company.
The Subocean spokeswoman said: “The group, which has 120 employees onshore and about 200 contractors offshore, has experienced rapid growth in the emerging renewables market.”