The owner of JJW Hotels has been given until 28 May to complete its funding plans to enable it to retain control of its French properties.
The company is embroiled in a dispute with creditors with a French court stepping in decide on its future.
"The court said it was continuing to give a chance to the management's continuation plan, urging it to finalize it by May 28, the date of the final hearing , " a spokesperson told news agency AFP.
JJW, which is controlled by Sheikh Mohamed Bin Issa Al Jaber and his MBI Group, owns a small collection of hotels in France, including two luxury five-star properties in Paris. It also has properties elsewhere in Europe.
While JJW is going through what is called a procédure de sauvegarde in the French legal system, other companies have been invited to bid for parts or all of the portfolio. Those interested include: restaurant company Groupe Bertrand and Lone Star Funds.