Samsung Tables Fokker Rescue Plan

A large delegation of Samsung officials and Fokker receivers arrived early in the afternoon in The Hague where they presented their plan, a ministry spokesman said.

Samsung is asking the government to take a minority stake in the new Fokker and to provide large sums of money in straight subsidies, but neither Fokker nor the ministry would give any further details.

The plan has just arrived. Well study it carefully and then formulate a reaction, the spokesman said.

The planemaker collapsed under a mountain of debt and went bankrupt on March 15, two months after its German parent Daimler Benz Aerospace cut a vital cash lifeline.

 

The firm has since been kept alive artificially by its court-appointed receivers.

It has even accepted orders for new aircraft to preserve the value of its assets.

But a structural rescue is needed before the end of the month.

We told the Fokker workers on Friday that the deadline for a possible rescue is at the end of October, said Ben Knueppe, spokesman for the receivers.

A rescue hinges on whether the Dutch government is prepared to invest tax-payers money in a relaunch.

The Fokker receivers and Samsung have a common interest and have already settled most outstanding issues, said a source close to the negotiations.

A succesful resuscitation depends on three factors