Adecco, the world’s largest recruitment agency, has struck a deal with banks that has given it extra time to publish its overdue 2003 results.

Investors had feared Adecco’s lenders could abandon the company because the delay in results breaches conditions for a €580m (£393m) credit facility.

The news will also be a relief for the firm’s board, led by chairman John Bowmer (pictured), which has been criticised by investors for its handling of the crisis.

The deal means that the company has until 18 June to publish its accounts, which were originally due to be published in January.

Adecco has twice put off publication because of accounting difficulties, sparking fears that the agency could become the next Enron-style disaster. But the latest move has calmed speculation.

The cost of insuring against a default by Adecco rose sharply in the days after the announcement at the beginning of the month.

Default swaps fell from a high of 325 basis points to 200, meaning it costs €200,000 (£135,000) a year to insure €10m of Adecco debt. The swaps had been trading at aronud 150 basis points.

Adecco has appointed Jim Fredholm as chief financial officer to fill the post left vacant by Felix Weber, who resigned in January after auditors found problems with Adecco’s accounts.

An internal investigation by Adecco found an accounting “black hole” of around €40m (£27m).