Air Belgium, facing financial difficulties and announcing the cessation of scheduled passenger activities, may receive a lifeline from China. According to the Belgian financial newspaper De Tijd, the parent company of Sichuan Airlines is reportedly considering injecting additional funds into the Belgian airline.
This “binding offer” comes as the Belgian company’s board filed for judicial reorganisation. The exact amount of the offer is unknown, but it could help Air Belgium avoid bankruptcy.
The Chinese investors are particularly interested in Belgian-held traffic rights after the recent revision of the agreement between China and Belgium increasing the number of flights operated by Belgian airlines. However, if the Chinese investment reduces Belgian ownership below 50%, Air Belgium may lose EU landing rights. Parties are reportedly working on a solution to address this potential issue.
This post was published on 21 September 2023 23:26
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