Camera retailer Jessops is to restructure - meaning that almost half of it will be owned by its biggest creditor - HSBC.
The bank will take a 47 per cent stake in the company, with pension and employee trusts owning the rest.
Jessops, which has a store in Douglas, said the reorganisation would protect 2,000 jobs.
Port Erin Tesco to open its doors this week
It's the fourth store to be reopened after the takeover of Shoprite
Food village organiser apologises for miscommunication
MFMTA Chair says he "could have done better"
More random checks on airport passengers likely
Ronaldsway has to comply with new regulations
Surge in people on gas payment plans sparks fears of possible hike in tariffs
The number of people on instalments with Isle of Man Energy has doubled in half a year
Chief minister to attend Northern Chamber of Commerce AGM
Alfred Cannan will listen in to the meeting alongside two other ministerial colleagues
'Runway closures should be scrapped by end of summer', says Airport Director
There are currently 17 air traffic controllers, with plans to recruit at 18th
