Air Belgium is on the brink of bankruptcy once again, with the Nivelles business court granting the airline two more weeks to find a financial lifeline.
After almost a year under creditor protection, the airline has struggled to secure a new investor following a 40% drop in turnover due to the cessation of passenger flights. The company is currently facing an annual loss of €22 million and negative equity of €69 million. It urgently needs at least €18 million in funding to avoid collapse.
A potential investor has expressed interest but is contingent on support from the Walloon government, which is unlikely to materialise. Air Belgium, of which the Walloon Region is a key shareholder, shifted its focus to charter services and freight operations after ending its own passenger flights in October 2023. However, without new capital or additional protection, bankruptcy appears imminent, leaving employees and stakeholders uncertain about the airline’s future.
This post was published on 6 September 2024 12:35
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