NEW YORK (Reuters)<\p>— Embattled Bermuda reinsurer Scottish Re said on Tuesday a strategic review which could entail a sale of all or part of the firm is on track and can resolve issues related to a $115 million note repayment.“I wish to assure our shareholders and other stakeholders that we believe that company remains on track to complete the strategic process in the next few weeks,” Chief Executive Officer Paul Goldean said.

He said the company expects remaining parties in the auction process to complete their due diligence as early as next week.

The statement follows a downgrade of Scottish Re by rating agency Standard & Poor’s to B+ from BBB-.

The downgrade on Scottish Re reflects the increased possibility that the company will not repay the noteholders of $115 million of convertible notes,” S&P analyst Neil Strauss said in a statement. Holders of these notes can exercise a put option on December 6.

Scottish Re said it is working on various alternatives to resolve the pending repayment issue, but was unable to accelerate any of its efforts. Nonetheless, it was hopeful.

“We are confident that the alternatives (we’ve been working on) will enable us to terminate the bank credit facility...allowing us the ability to repay the $115 million convertible notes,” said Scottish Re Chief Financial Officer Dean Miller in the statement.