Air Belgium strongly denies the risk of bankruptcy by the end of 2022 and announces future new routes

Air Belgium vigorously denies the risk of having to end its activities if it does not find 10 million euros by the end of 2022. The Belgian airline is even looking for much more than this amount, but for a major investment and extension project, CEO Niky Terzakis said in an interview with Belga press agency.

According to several media, Air Belgium is urgently seeking 10 million euros before the end of the year. “That rumour harms us. It’s been said for five years that the company is on the verge of bankruptcy every time it seeks funds. It’s boring and tiring“, says a furious CEO.

“Of course, we can continue the activities in 2023. Our shareholders are not going to give up,” he adds.

The rumours came a few days after the announcement by the company of the adaptation of its schedules to the Caribbean this winter (gradual suspension of the flights to Punta Cana in the Dominican Republic, Curaçao and Bonaire in the Dutch Antilles, Martinique and Guadeloupe in the French Antilles).

“It’s a reaction to the market, which all companies do. We adjust our capacities to the market and to demand“, justifies Niky Terzakis.

And here comes the interesting news: in a change of strategy, Air Belgium will present a new offer, new routes that the company will soon serve. The company does not want to be considered a low-cost airline. It is aiming at new, bigger markets (like the recent development in South Africa).

To allow this major extension plan, a lot of money is indeed needed, more than the 10 million euros mentioned. This expansion project, both for passenger and cargo flights, has been the subject of lengthy discussions with all the shareholders, private and public, including the Belgian federal government and the Walloon public investment vehicles.

“Yes, the finances are tight, even very tight,” admits the CEO, “but we’re doing it!“