More than half of the 300 staff that are employed across the two businesses have already been made redundant.
A spokeswoman for BDO Stoy Hayward said an advert for the packaging business in the Financial Times had attracted several interested buyers.
Therefore, she remained hopeful that a sale of the Papermarc Merton Packaging business would be concluded soon.
Papermarc Merton comprises three converting plants at Burnley, Leek and Aberbeeg in south Wales.
A skeleton staff will remain in place at the Papermarc mill business, while its two paper machines are being run down.
The Burnley mill produced 120,000 tonnes per year of waste-based containerboard and cartonboard.
A major fire in March this year has been partly blamed for the company's financial difficulties.
The Papermarc businesses were bought by current owners Croftacre Holdings, a UK-based private investment company, less than a year ago, from its previous administrators.
Story by Andy Scott
