Engineering firm Mouchel has called in Goldman Sachs to advise on how to tackle its debt pile.

The investment bank is considering a debt-for-equity swap, wiping out existing shareholders and giving lenders ownership of the company.

Goldman is also contemplating a break-up and sale of the business, as well as possibly issuing new shares in a bid to raise cash.

Share price of the company has fallen 88% in the past year. Mouchel has declined to comment.