Air Belgium cargo sale leaves two hundred employees without jobs

Air Belgium, currently undergoing financial challenges, is set to undergo a major restructuring following the announcement of its acquisition. The sale of Air Belgium’s cargo operations to a consortium of Peso Aviation Management (The Netherlands) and Air One International Holdings (United Kingdom) marks a significant shift for the ailing airline, leaving its passenger services behind, but it comes at a steep cost. According to De Tijd, the buyers, who collectively control one of the world’s largest cargo fleets, will retain only 147 of the current 349 jobs. This decision leaves 202 employees, including all 130 cabin crew members, without positions, leading to what has been described as a “social bloodbath“. 

The consortium has offered €800,000 for the acquisition of Air Belgium’s cargo business, exceeding the valuation of its assets and adding two additional aircraft to the company’s fleet. However, the sale remains subject to multiple approvals, including those from the Directorate General of Civil Aviation, the Nivelles Business Court (scheduled for 12 December), and Chinese shareholder Sichuan Airlines, which leases two aircraft to Air Belgium.

The British partner, Air One International Holdings, claims to manage the fifth-largest fleet of wide-body cargo aircraft globally. Their focus on freight aligns with the strategy to streamline Air Belgium’s operations under the new management.

Public sentiment around the deal has been mixed. In the Aviation24.be forums, one user commented: “I hope the trade court will look at the interests of all creditors instead of a foreign cargo airline aiming for a cheap deal.”