Troubled engineering and construction group Jarvis has said that it faces a bleak future unless it completes a financial restructuring soon.
Criticism over its rail maintenance has dogged Jarvis
Jarvis is urging shareholders to back a series of property sell-offs set to boost its coffers by around £25m.
Failure to do so, it warned, would jeopardise the willingness of lenders to agree a refinancing deal.
Emergency funds would be needed if no refinancing is agreed with lenders by the end of January, Jarvis said.
"Such funding cannot be guaranteed, nor can its terms, which may be materially disadvantageous to shareholders," Jarvis said.
"If such support were not forthcoming, the group would be unable to continue to trade."
Jarvis is urging shareholders to back plans to sell-off five properties close to York railway station, the leasehold property at Jarvis House, York and 39 other interests.
It also wants to raise cash through disposing of its stake in the London Underground Tube Lines consortium and by slimming down its accommodation services business.
Jarvis's shares have lost about 90% in value since the start of 2004. The loss-making firm has faced criticism for some of its public sector contracts and was stripped this year of lucrative school building and road projects.
Jarvis shares were off lows on Monday afternoon, but still traded 12% lower at 9.5 pence.