Osmond could lose £200m on Pearl as Cowdery circles assets
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Meanwhile, The Independent on Sunday has suggested that Clive Cowdery is eyeing off some or all of the assets he sold to rival Osmond last year.
An FSA investigation into Cowdery and other directors of the original Resolution came to a close this month, giving the green light for the new firm, Resolution Limited, to go ahead with acquisitions.
The Sunday Times said Osmond is close to agreeing a £3bn debt-for-equity swap with a group of banks including Lloyds Banking Group.
It suggests a deal may be announced by the end of this week.
The paper claims the move will lead to £500m of new equity being pumped into the business from private equity firm, Liberty.
The Amsterdam-listed firm is expected to buy the majority of the shares the banks acquire in Pearl through the swap.
Pearl's debt soared last year after its £5bn acquisition of Cowdery's original Resolution.
The firm's capital base has been impacted by the turbulence in stock markets.
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