DUTCH plane maker Fokker said last night it had won court protection from creditors at its three aircraft building units, winning vital time to reorganise and seek potential partners.
The future of the 76 year old company had been in doubt since Monday, when its major shareholder, Germany's Daimler Benz AG, said it would no longer provide financial support.
"Tonight we have asked for, and received, protection from creditors," chairman Mr Ben van Schaik told a news conference at Fokker's Amsterdam headquarters.
The month long protection order effectively gives Fokker breathing space to look for potential partners for the aircraft assembly lines in Amsterdam, which turn out some four dozen regional 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," Mr Van Schaik said.
During the four week "cooling off" period, Fokker said creditors would not be able to seize goods from aircraft plants on which they have a claim.
Effectively splitting the old company in half, Fokker said that a group of its other smaller businesses, including aircraft services, military and space equipment operations, would not come under court protection.
These units Elmo (an independent unit producing advanced electronic units and electrical systems), Aircraft Services, Special Products and the company's 50 per cent stake in Fokker Space employ around 3,000 workers in The Netherlands, a little under half of the company's 7,900 strong workforce.
Both the Dutch cabinet and Fokker's board met separately in crisis sessions early yesterday in a bid to thrash out a plan to salvage businesses threatened with closure.
After reporting a record first half net loss of 651 million guilders (£246 million) last autumn, Fokker has been kept alive through Daimler's financial guarantees.
In The Hague, Prime Minister Wim Kok earlier met with cabinet colleagues to discuss the crisis, while the Dutch parliament, weighed an emergency debate on Fokker.
Trading in Fokker shares was suspended for a second day in Amsterdam as its management and supervisory board, on which Daimler has five of the nine seats, attempted a rescue.
Fokker, reckoned to need fours million guilders a day to stay afloat, said it had raised cash through selling leased planes to Daimler and postponing payments to some creditors.
Dutch Economic Affairs Minister Hans Wijers has said that the government would continue to participate in talks aimed at saving at least some Fokker operations.
Most Fokker employees turned up for work on Tuesday, telling reporters they still saw a ray of hope as long as their company had not been officially declared dead.
