THE examiner of Bell Lines said yesterday that he was reasonably confident another investor can be found to save Bell Lines.

Mr David Hughes, of accountants Ernst & Young, must return to the High Court in ten days with a new investor if the company is to be saved from liquidation.

There is speculation that Bell Lines may ultimately be the subject of a buyout by some of its current management. Irish Continental Group, a 25 per cent shareholder, pulled out of a rescue deal almost two weeks ago.

Mr Hughes said yesterday that two parties were "currently working through the figures to see what is required". However, he refused to identify them.

Mr Hughes expects to meet the Waterford Harbour Commissioners - who threatened to appeal the original rescue scheme to the Supreme Court - next week. He said he would be talking to the Commissioners to see if they could come to some arrangement which would be beneficial to all sides.

One of the problems is that if many of the elements are changed to suit certain parties, then others, who previously accepted the scheme, will also look for changes.

Waterford Harbour Commissioners are dependent on income from Bell's operations and the rescue package would include a drastically rescheduled financial arrangement with the port authorities. Sources said last night that they were reasonably optimistic that a rescue deal was still possible.

Bell Lines has trading debts of more than £20 million.

ICG, along with venture capital companies Natwest and Citicorp (who own 30 per cent of Bell), had been expected to invest up to £5 million in Bell Lines under the scheme, but pulled out for several reasons, including opposition from the commissioners.

The commissioners indicated that the terms proposed could render the port authority itself insolvent. The Department of the Marine had also opposed the deal.