Sources told Reuters that last-minute talks held by German real estate company IVG with creditors could make its debt restructuring deal a possibility. Formerly known as IndustrieVerwaltungsGesellschaft mbH, the Bonn-based company failed to restructure about EUR 4.2 billion or USD 5.59 billion of debt when talks failed last week. While not guaranteed, the sources who spoke on the condition of anonymity, said that the last-ditch talks could pave the way for an agreement on a debt-for-equity swap. "At the last second, an agreement has turned up as within the realm of possibility," said one source.

Buyout fund operators like Apollo and TPG Capital had bought debt in IVG so they can have negotiating leverage and control the company through debt-for-equity arrangements. There was no single company that had purchased a stake large enough so as to control IVG. The sheer number of creditors also complicated matters. IVG, however, did not provide any comment on the progress of talks.