Branson sees "way forward" based on N. Rock proposals

SHANGHAI, China (Reuters) - Virgin Group Chairman Richard Branson said on Saturday he saw a "way forward" based on a financing package for troubled British bank Northern Rock put forward by U.S. investment bank Goldman Sachs.

"What's pleasing is that Goldman Sachs have a package which they believe works," he said, without confirming any details of the proposals.

"I believe they have talked to our team and we are in initial discussions, but our initial reactions are that there is a way forward and we are looking forward to getting into detailed discussions with them in the next couple of days," he told reporters in Shanghai, where he is part of a business delegation accompanying Prime Minister Gordon Brown.

"I am still confident that our bid is good. I personally believe it is the best bid on the table. It's the best option for Northern Rock," he said.

"We have got the best capitalization plan for the bank, and we have got a great management team. I feel we have a winnable package," he added.

Branson said he had not had any "detailed" discussions with Brown about Northern Rock.

Asked about possible Chinese investment in a Northern Rock rescue, he said: "There is always a possibility of Chinese investment money. They have deep pockets at the moment.

"We have certainly got a small amount of Hong Kong money in our proposition. But principally it will be British-backed and very much a British bank," he said.

(Reporting by Adrian Croft, editing by Michael Roddy)