IT WAS once the cornerstone of Kerry Packer's multibillion-dollar fortune, but after two full days of talks among creditors Channel Nine was last night still fighting to stave off bankruptcy.

Sydney played host to a group believed to include Nine's chairman Peter Bush and chief executive David Gyngell.

The private equity owners of the broadcaster were locked in talks to stop the banks from taking charge, seeking breathing room to restructure nearly $4 billion worth of debt.

Last night the group agreed to approve the $525 million from the sale of its Australian Consolidated Press (ACP) magazines division to Germany's Bauer Media group.