(Bloomberg) -- A Monday court hearing to liquidate a Barclay family holding firm is set to be adjourned, which could offer the clan a route to pay their debt to Lloyds Banking Group Plc and reclaim control of the Telegraph newspaper, according to people familiar with the matter.

An application to adjourn the hearing was submitted late on Friday after the family’s latest offer to repay over £1 billion ($1.25 billion) of debt to Lloyds, the people said, asking not to be identified discussing a private matter.

The Barclay family is looking to fully repay its debt to Lloyds by the end of the month in order to regain control of the Telegraph, according to Sky News, which reported the adjournment earlier.

The offer is backed by RedBird IMI, who would lend money to the Barclay family to enable them to repay the debt it owes. The media investment vehicle is led by former CNN president Jeff Zucker and is a joint venture between RedBird Capital Partners and the United Arab Emirates-based International Media Investments.

Lloyds and a spokesman for the Barclay family declined to comment.

Were Lloyds to accept the offer, it could supersede and scupper an auction process launched last month to help the bank recoup its debts, though it’s possible any deal would require fresh regulatory scrutiny.

The bank seized the Telegraph titles along with the Spectator magazine from the Barclay family in June to claw back debts, removing Barclay family members from their director positions and placing the businesses in receivership. Goldman Sachs Group Inc. has been appointed by the receivers to run the sales process for the Telegraph Media Group Ltd. and the Spectator (1828) Ltd.

The politically influential titles have already attracted interest from various bidders. US billionaire and major Republican donor Ken Griffin and hedge fund manager Paul Marshall have discussed a potential bid, people familiar with the matter have said previously. Middle Eastern investors have held talks with Daily Mail & General Trust Plc about supporting potential offers from the rival news publisher. 

Read more: Barclay Family Said to Get Zucker Support for New Telegraph Bid

(Updates with detail throughout)

©2023 Bloomberg L.P.