Paul Volcker, the former chairman of the Federal Reserve who was brought in to restructure the firm, has now said that it would take a 'miracle' to turn the firm around.
Andersen's trial on obstruction of justice charges in respect of Enron-related activities is due to start on 6th May.
A spokeman for the firm stated Thursday that the Andersen had 'no intention of filing for bankruptcy.'
Negotiations continue with Grant Thornton in the US regarding a merger involving up to 400 Andersen partners.
Andersen Fears Chapter 11
Hopes for troubled accounting firm Andersen's survival continue to fade and the firm may soon have no choice but to file for Chapter 11 bankruptcy protection.
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