Primarily based in the United Kingdom, in Ireland the café and cake shop has two stores in Dublin - in Debenhams on Henry Street, and in Debenhams in Blanchardstown.
Patisserie Holding's directors said in a statement that once the share issue and loans had taken effect, the company would be able to continue trading in its present form "for the foreseeable future".
The police in Hertfordshire, England, said they had arrested a 44-year-old man on suspicion of fraud by false representation and released him under investigation.
It said that while the findings were preliminary and subject to change it now believed the group had net debt of approximately £9.8m.
"We can give no further information or comment at this time".
The company - with cafes in Wolverhampton, Telford and Shrewsbury - suspended both its shares and its chief financial officer, Mr Marsh, after discovering "significant, and potentially fraudulent, accounting irregularities and therefore a potential material mis-statement of the company's accounts".
Mr Marsh was suspended from his role while the circumstances of the financial black hole were examined internally.
On Wednesday, after the company announced a temporary suspension of trading it was made aware that HM Revenues and Customs (HMRC) had filed a winding up petition to liquidate the company's assets over an unpaid £1.14 million tax bill.
Patisserie Valerie today confirmed it needs an immediate cash injection of £20m to continue trading as it revealed that historical trading updates were incorrect.
The firm could be forced to appoint administrators as early as Friday.
Emergency fundraising talks overseen by advisers to Patisserie Holdings were ongoing last night.
"We are all deeply concerned about this news and the potential impact on the business", Chairman Luke Johnson said.
The woes of Patisserie Holdings, which only a year ago the tycoon had described as "just about my most successful venture", are threatening to wipe out the majority of his £165 million stake in the business and to call into question his ability to do deals - the raison d'être of private equity.
PwC, which is working with the firm on its financial position, is the most likely to carry out the insolvency, but several other corporate undertakers are also thought to be waiting in the wings.
Patisserie Valerie trades from more than 200 stores, including one at Resorts World Birmingham at the NEC and its branded counters in Sainsbury's stores.