The future of the cross-Channel ferry company SeaFrance – and the jobs of hundreds of people – could be decided in the next four weeks.

A rescue plan which would have involved more money being injected into the company was rejected by SeaFrance’s parent company, the French national rail operator, SNCF, on Monday when managers of both companies held talks in France.

Instead, SeaFrance bosses were told to come up with a new plan by February 16.

It is likely that the company will have to come up with a restructuring plan which could see the loss of up to 300 jobs, and a reduction in the size of the fleet.

French media sources say SeaFrance faces a “delicate situation” with the sharp decrease in cross-Channel traffic, including freight, exacerbating an “already precarious financial balance”.