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Fokker Deadline Looms

The future of Fokker was in doubt at press time following majority shareholder Daimler-Benz Aerospace’s late January decision to withdraw financial support from the troubled manufacturer. DASA’s announcement of its decision not to provide further financial support for the debt-laden Fokker has forced the Dutch airframer to seek bankruptcy protection, similar to the USA’s Chapter 11 provisions. Dutch law permits companies to operate under such protection for up to 18 months as long as bridging finance is secured. The Dutch Government, Fokker’s other major shareholder, has provided a $A200m bridging loan which has allowed Fokker to continue operations until approximately mid-March (with contracted deliveries continuing on schedule) while a buyer was sought.

Identified potential new owners include Samsung Aerospace of Korea, Bombardier and the newly formed AI(R) consortium of ATR, Avro and Jetstream. If Samsung bought into Fokker, Korea and Asia would get its much anticipated 100-seater regional jet ready-made, while there are strong synergies between Bombardier’s de Havilland and Canadair product lines and Fokker’s jets.

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