A Belgian court has annulled the takeover of Air Belgium by a British-Dutch consortium. The founder of the airline now has three weeks to find a new financier.
The financially troubled Air Belgium was set to be acquired by the Dutch Peso Aviation Management, led by former Martinair manager Peter Scholten, and the British Air One Holding, which owns several air cargo companies.
The suspension of the takeover was requested by Air Belgium's administrator. According to the administrator, the British-Dutch buyer violated the terms of the agreement. The consortium allegedly waited too long to seek approval for the deal from the Belgian authorities, despite Air Belgium's worsening financial situation.
Furthermore, the airline's key customer, Sichuan Airlines, would not be able to continue its agreement with Air Belgium. The new owners intended to discontinue passenger transport, which would have a negative impact on the company's operational future.
