Cadbury Schweppes has delayed the sale process for its US drinks business due to the current "extreme volatility" of the debt markets.

The UK-based confectionery group said today (27 July) that it has decided to extend the sale timetable to "allow bidders to complete their proposals against a more stable debt financing market."

No date was given for the new deadline however, with Cadbury Schweppes declining to give further details.

Cadbury Schweppes looked to calm rumours that it would have to abandon the multi-billion pound sale, however, by confirming that "interest in the business remains strong".

Last month, Cadbury confirmed that a sale of its US drinks business appeared the most likely plan of action in the coming months.