The Swiss technology group 4M, which is based at Yverdon in canton Vaud, has launched a last ditch attempt to save itself. It has asked for an official stay of bankruptcy.
Some 200 jobs are at stake in the company, which makes machinery to produce CD ROMs and DVDs.
4M, one of Yverdon's main employers, said all attempts to find new investors or partners had failed and the gravity of the situation demanded serious action.
The management hopes to find a buyer for the company, according to Yverdon's mayor, Oliver Kernen. It is also looking at a plan to concentrate production in Yverdon. 4M has subsidiaries in Germany, Hong Kong Taiwan and Italy.
The company last year posted losses of SFr72.5 million ($43.34 million) Its shares have plummeted from SFr825 at the beginning of 2000 to SFr6.35 at Tuesday's close.
swissinfo with agencies