THE examiner to Bell Lines, the stricken container shipping company, is expected to ask the High Court this morning for a further adjournment until Thursday.

The examiner, Mr David Hughes of Ernst & Young, is trying to put together a rescue package for the company. Mr Hughes had hoped to ask the court for final approval for the deal today, but it is understood there have been some further hitches.

Three investors are involved - IAWS, the publicly quoted food company, ACT, one of the biggest venture capital companies in the State, and Imari, a privately- owned shipping company. ACT is also one of lmari's main shareholders.

Around Pounds 5 million will be needed initially for working capital and to pay off creditors. Bell Lines, whose current majority shareholders are Irish Continental Group, Natwest Ventures, and CVC Capital Partners, owes more than Pounds 30 million. Unsecured creditors are owed Pounds 25 million, while secured creditors are owed Pounds 6 million.

Sources close to the talks said that substantial investment in Bell will be needed at a later stage.

However, one source said the company could become a profit earner, as it had an annual turn- over of up to Pounds 200 million. The emphasis was to take the losses out and concentrate on making it commercially viable. "We believe it can be turned around and become successful," said one source.

It is understood that the investors believe that the rescue plan is feasible. One source said the investors would be examining various operations, including Bell's operations in the south-east of England where competition is said to be very intense.

It is understood that the potential investors travel led to Holland last week to look at Bell's operations in Rotterdam. "The talks are at a very delicate stage, a number of issues have come up," said one source