The takeover of Air Belgium by Dutch company Peso Aviation Management and British firm Air One Holding is now in jeopardy, casting doubt on the airline’s future.
The prospective buyers have reportedly failed to meet key conditions, and Air Belgium’s financial reserves are nearly depleted.
Peso Aviation and Air One Holding had planned to continue only the cargo operations under the new name Air One Belgium, while ceasing all passenger services. However, the deal is now at risk as the acquirers have not yet secured approval from Belgium’s Directorate General of Aviation (DGLV) and have not received a commitment from Sichuan Airlines, Air Belgium’s key client, to continue their contracts.
The delays in the approval process have created a crisis, as Air Belgium’s Airbus A330 cargo planes require urgent maintenance, and the company only has funds to sustain operations until the end of the month. In response, court-appointed administrator Bernard Vanham has requested that the commercial court of Nivelles cancel the takeover and terminate the bankruptcy proceedings.
A ruling is expected on Thursday, while an extraordinary works council meeting is scheduled for Wednesday to discuss the ongoing issues. If the takeover collapses, Air Belgium’s future remains highly uncertain.
