Troubled Swiss and US airline catering company Gate Gourmet is pursuing a rescue plan with creditors.
Gate Gourmet missed debt payments in December and has been plunged into further crisis after an agreed three-month freeze on a bankruptcy filing expired last Monday (11 April).
If a rescue deal is not reached soon, the airline caterer may be forced to declare bankruptcy at one or both of its operating divisions in Virginia, USA, or Switzerland.
A spokesman for the company told Caterer: "It is in active and constructive discussions with its lenders".
He added any deal hinged on achieving competitive labour costs for its 22,000-strong workforce.
Peter Jones, professor of travel catering at the University of Surrey, said in-flight catering had faced turbulent times since 9/11. "Our own research found caterers fared worse than carriers, with demand for meals down 30%. And with oil prices rising, many carriers have cut complimentary in-flight meals to control costs."
Gate Gourmet has 115 flight kitchens in 30 countries. It produces 534,000 meals per day and had a turnover in 2003 of Sfr2.3b (£1.01b). Its customers include Air France and American Airlines.
Source: Caterer & Hotelkeeper magazine, 21 April 2005