Schivo NI: Derry based aerospace firm calls in administrators
Up to 83 jobs are under threat at an engineering factory based in Londonderry.
Administrators have been called in to Schivo NI, formerly known as Maydown Precision Engineering (MPE), a supplier to major aircraft manufacturers such as Bombardier.
MPE was bought by the Waterford-based Schivo Group two years ago.
A spokesperson for the company told the BBC: "We have been unable to turn around Schivo NI Ltd."
In August 2015, the workers union, Unite, voiced concerns over possible job losses.
The company had previously said it would be expanding its interests in the aerospace engineering sector.
"Unfortunately, despite the best efforts of management and considerable investment, we have been unable to turn around Schivo NI Ltd," a spokesperson said.
He said the administrators were conducting a thorough review of the company and its operations before advising on the best course of action.
"All other companies in Schivo Group are unaffected and continue to operate as normal," he said.
"We are supporting our colleagues at Schivo NI during this process and thank them for their dedication to the turnaround we undertook.
"We hope to be able to provide clarity on the future of the site as soon as possible."
Sinn Féin MLA Raymond McCartney described the situation as "concerning".
"This firm employs more than 80 people in the city and, no doubt, this announcement will have created fear and uncertainty," he said.
"I will be in contact with the firm to discuss the current situation and to ensure the rights and entitlements of workers are respected.
"It is important that management at the company engage fully with workers and trade unions in the time ahead and that staff are kept up to date of all developments."
The Schivo Group has business interests in the medical technologies, aerospace and oil and gas sectors.