Netherlands Throw Lifeline To Fokker
Struggling aircraft maker Fokker NV was thrown a financial lifeline Friday by the Dutch government while company directors hunt for a foreign bailout partner.
The government plans to give Fokker a 255 million guilder ($153.6 million) credit and a 110 million guilder ($66.2 million) down payment for military planes it had already ordered, economic affairs minister Hans Wijers said.
The funding will give Fokker some “breathing space,” said board chairman Ben van Schaik.
This week Fokker applied for a month’s protection from its creditors for most of its units after majority shareholder Daimler-Benz AG said it will no longer support the company.
Fokker is estimated to need some 3 million guilders ($1.8 million) a day to survive and Wijers said the financing package should keep the company going for five to six weeks.