Analysts looking at the Cordiant business have identified its healthcare unit Healthworld and below-the-line agency 141 Worldwide as the most attractive pieces of the business.
The advertising arm has suffered a string of losses in recent years around the world led by Hyundai in the US, which led to the closure of Bates's west coast office, and followed by Woolworths, Royal Mail and now Allied Domecq.
If action is not taken soon or a buyer is not found, more clients could abandon the deeply troubled agency, making it worthless.
Simon Lapthorne, analyst at Arbuthnot Securities, told The Guardian that: "There is a serious possibility that this could be terminal. Losing Allied Domecq is a body blow."
Another analyst, Jesper Jensen at WestLB, told the Wall Street Journal: "This could easily be the end for Cordiant. Everyone else of their big clients is going to sit down and think about 'maybe they know something that I don't'."
Cordiant has already announced an asset sale to offload its Germany-based network Scholz & Friends, its Australian agency George Patterson Bates and its financial PR business Financial Dynamics as part of plans to resolve its cash problems.
The future of Bates is now being seen as seriously in doubt and industry analysts believe it could go the way of other former global agencies, such as D'Arcy, Lintas and Bozell, and disappear.
Cordiant's share price fell 67% yesterday to just 9.5p and it has continued to fall in early trading this morning, dropping a further 9% to just 7.2p, which values the firm, which has more than 拢220m, in debt at around 拢40m.
Allied Domecq said yesterday it had kicked off a review of its global advertising and marketing agencies on its Ballentine's, Tia Maria and Malibu brands, following its decision to dump Cordiant.
The drinks company said it was already in talks with agencies, but refused to name networks. However, Publicis Groupe already works for Allied and is being seen as a frontrunner to land some of Cordiant's drinks work.
Yesterday in a statement, Cordiant said it was now actively "investigating alternative strategic options for the group". Some think that the group could be forced into administration unless a rescue bid is not forthcoming.
Prior to its problems entering a critical stage, it had been seen as a potential partner for one of the smaller groups such as Havas of France or Grey Global. Other reports have also mentioned a possible rescue bid by Publicis Groupe or WPP Group.
A bid by Publicis would reunited Bates with its former sister agency Saatchi & Saatchi.
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