The Unite union has announced it has entered crisis talks in a last-ditch attempt to try and save 110 jobs at the Aintree-based company Trigon Snacks in Liverpool.
The factory, which sells the Planters and Big D peanut brands, fell into administration last month, which has caused the loss of 64 jobs so far.
The company called in administrators after it was forced to make a payout for a number of overheads, including new stock, wages and raw materials.
However, the company has a received payment for a number of key contracts.
The difficulties for the company have led to the setting up of discussions between company managers, administrators from accountancy firm Duff & Phelps, as well as union officials and Liverpool Walton MP Steven Rotheram.
Unite, which represents workers at the factory, are concerned that the company could soon be bought out by Intersnack, the firm that owns KP Nuts, and be closed down a permanently.
Trigon Snacks was formed back in 1996 and has managed to record annual sales of £30 million.
The union's regional officer Franny Joyce said: "We know there are a number of parties interested in acquiring this business and some are committed to retaining the business in Liverpool.
"However, should Intersnack purchase the company, we fear they may only focus on the machinery and the brands and close the site."
Unite has since called on Vince Cable to order the part-nationalised Royal Bank of Scotland (RBS) to stop seeking the funds owed by Trigon.
Mr Joyce added that it was still a viable company that, despite its recent cash-flow problems, would still have a promising long-term future.
A spokesman from the government's Department of Business, Innovation and Skills (BIS), told Food Manufacture: “Any company can approach any bank for a loan. Whether the bank would take it on – particularly if the business was in administration – was another matter.”
As well as selling its own products, Trigon also supplies products to a number of supermarkets, including Morrisons, Waitrose and Sainsbury's.