PARIS/TOULOUSE (Reuters) – Airbus (AIR.PA) is drawing up plans for restructuring involving “deep” job cuts, but has not taken a final decision, industry sources said.

If the move is confirmed, the European planemaker is expected to brief unions on the proposals around the end of the month and is meanwhile drawing up contingency plans for a prolonged crisis after furloughing thousands of workers.

Chief Executive Guillaume Faury is expected to update managers this week after warning staff last month that the firm’s survival was at stake due to a slump in demand.

Under French law, Toulouse-based Airbus cannot disclose restructuring plans before it first consults trade unions through a formal exercise provisionally expected around end-May.

Airbus had no immediate comment.

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