"Everything is operating as normal ... we have had a lot of support," Mr Krstevski said.

He said further statements would be made later to clarify the company's position.

On Friday, Bovis Lend Lease cancelled a formwork contract with Wideform on projects at Sydney Airport, Top Ryde, George St in Sydney and Charlestown near Newcastle, affecting more than 200 workers, many from the Illawarra.

Bovis Lend Lease agreed to retain the workers if new contractors were engaged and meet employment entitlements for the period they were employed on its projects.

CFMEU state organiser Mick Lane said Wideform employees would continue to work on a range of company projects - albeit with a degree of nervousness.

Wideform employs up to 700 workers on a range of projects of different sizes.

As for whether the company's troubles came as a surprise, Mr Lane said "yes and no".

"It could take some time for the full picture to emerge, but Wideform are well resourced and we're sure they will be busting their guts to ensure the company as we know it doesn't fold," he said.

The union's state secretary, Andrew Ferguson, said the CFMEU had good regard for Wideform.

"What has happened is a tragedy and we hope they can trade their way out of trouble," Mr Ferguson said.

Illawarra Business Chamber president Les Dion said given that Wideform's problems were not fully known, it was difficult to comment on potential impacts or solutions.

"They have been great for the community and (I) wish them all the best," Mr Dion said.