Fokker, a prominent Dutch aircraft manufacturer known for producing regional and small commercial aircraft, filed for bankruptcy on this day, marking the end of a significant aerospace company with over 85 years of industrial history.
The bankruptcy resulted in substantial job losses and signalled significant challenges in the European aerospace manufacturing sector during the mid-1990s.
**"Read More" BELOW for the complete story**
Fokker finally admitted defeat in its attempts to stave off bankruptcy, ending 77 years of aircraft manufacturing in the Netherlands when bids from AVIC of China and Samsung of South Korea failed to materialise.
The collapse leaves question marks hanging over its backlog of more than 50 aircraft and the impact on residual values across the regional market.
The main assembly plant at Schiphol was to be closed as aircraft production ceases, with the loss of around 4,700 jobs. A skeleton staff of 350 will be left at the plant to finish aircraft close to completion.
Negotiations will take place in the next few days as to how many more aircraft will be delivered, but initial estimates suggested that the number is likely to be around 15.
The closure potentially leaves around 15 airline customers with aircraft orders, which will not now be fulfilled. At the latest count Fokker had more than 50 regional jets and a dozen turboprop orders still on its books. That includes at least another 11 Fokker 70s for Alitalia's subsidiary Avianova stretching to late 1997.
Fokker promises that product support for the 1,130 Fokker aircraft now in service will be maintained, however, through part of a new stand-alone company, to be called Fokker Aviation.