Potential acquirers of Northern Rock have to rework their proposals by Friday to be in time for a state-aid submission to the European Commission, people familiar with the matter said yesterday.

European Union rescue aid for the UK mortgage bank runs out March 17. After that, the UK government has to gain EU approval for longer-term, so-called restructuring aid. The Friday deadline is in place to give the EU time to consider the request for restructuring aid before March 17.