According to financial newspapers L’Echo and De Tijd, Niky Terzakis, founder of Air Belgium, has initiated legal proceedings to find a buyer for the struggling airline after failing to secure an investor to prevent bankruptcy.
Addressing the airline’s 500 employees, Terzakis announced his decision to place the company under judicial authority, requesting the Nivelles company court to appoint a legal representative.
The airline, which had recently gained an additional two weeks to explore options, is now facing the possibility of being sold either in whole or in parts. The legal process provides up to four months for a buyer to be found, offering a glimmer of hope that the airline can continue operating during this time.
Experts believe the court will likely accept the request, as maintaining the company’s operations increases its value.
