But this restructuring was put on hold by TPG, a USA private equity firm, after it received expressions of interest in the company.
Discount retailer Poundworld is set to launch proceedings to appoint administrators, according to the Press Association.
Sky News, which revealed Alteri's move, said USA firm Flacks, which expressed interest in Poundland, was no longer considered a contender.
Chris Edwards, Poundworld's founder, is said to have been attempting to put together a rescue bid for a chunk of the company.More news: Sloane Stephens to move into top five of WTA rankings
If a solvent sale of Poundworld cannot be agreed, the business could be sold through a pre-pack administration or collapse outright, underlining the urgency of rescue talks which are being led by Deloitte, the professional services firm.
The budget retailer has 15 stores in Northern Ireland and around 100 jobs here could be lost.
Poundworld is owned by TPG Capital whose potential buyer, Alteri Investors, decided against saving the business.
The news comes on the same day that House of Fraser announced that it is to close 31 stores, putting 6,000 jobs at risk.More news: Muguruza slams Sharapova; Halep survives
And only last month Marks & Spencer said it was accelerating its store closures plans - leaving more empty units on High Streets across the country.
Retailers Maplins, Toys "R" Us, Mothercare, Carpetright, plus a string of restaurant chains, have hit the headlines this year because of trading trouble.
Failure to successfully conclude a deal with creditors will lead to HoF plunging into administration, it warned in an announcement about its restructuring.
Alteri, Poundworld and TPG all declined to comment on Wednesday.More news: Sen. Graham: 'Not Buying' Giuliani Claim On Mueller Framing Trump
Poundworld, which also trades under the Bargain Buys brand name, serves two million customers a week.