CMA CGM turns out to be the last hope for Air Belgium’s survival

According to the court-appointed administrator, the bid from French logistics and shipping giant CMA CGM is “the only possibility to save Air Belgium.” The struggling airline has until April 20 to secure a viable future. Air Belgium has been under judicial reorganization since late September.

The Nivelles Business Court reviewed the complex legal situation surrounding Air Belgium on Thursday. Initially, the airline seemed set to be acquired by Air One, but the commercial court dismissed that deal earlier this month due to the buyer missing too many deadlines.

In a new twist, one of Air Belgium’s key clients, shipping giant CMA CGM, has emerged as a potential rescuer.

However, Air One has appealed the rejection of its takeover attempt. The Court of Appeal will rule on the case on April 3, which, according to Air One, means Air Belgium cannot proceed with another buyer until then.

Following the collapse of the Air One deal, the administrator of Air Belgium revealed on Thursday that five different companies had reached out with interest. However, he emphasized that CMA CGM holds a major advantage: the company is already familiar with Air Belgium’s case, having previously expressed interest in an acquisition. “The other interested parties quickly realized that the situation was too complex.”

The administrator also noted that progress with CMA CGM has been swift, making it the only realistic option to meet the April deadline. This deadline is crucial, as April 20 marks the end of the economic furlough for Air Belgium’s staff. CMA CGM’s bid includes retaining 136 of the airline’s 401 employees.

Air Belgium currently lacks the funds to pay salaries for furloughed workers or to offer severance packages. A representative of the airline’s employees urged the court on Thursday to reach a swift resolution, stating: “People are tired of the ongoing uncertainty.”