Court Grants Fokker Monthlong Protection From Its Creditors
Dutch plane manufacturer Fokker said Tuesday that it received court protection from creditors for its three aircraft building units, winning vital time to reorganize and seek partners.
The future of the 76-year-old company had been in doubt since Monday, when its major shareholder, Germany’s Daimler-Benz, said it would no longer provide financial support.
“We have asked for, and received, protection from creditors,” Chairman Ben van Schaik told a news conference at Fokker’s Amsterdam headquarters Tuesday night.
The monthlong protection order gives Fokker breathing space to look for partners for its aircraft assembly lines in Amsterdam, which turn out about four dozen commuter jets a year.
“In the coming four weeks we will try to finish work in progress. We will take all measures to keep as much of the company operating as possible,” Van Schaik said.
During the four-week “cooling-off” period, Fokker said, creditors will not be able to seize goods from aircraft plants on which they have a claim.
Under Dutch law, suspension of payments means past creditors cannot ask to be paid as Fokker carries on its business. Fokker will still pay for supplies with the cash it has.
Fokker said that a group of its other, smaller businesses will not come under court protection.