Air Belgium's future remains uncertain despite an eleventh-hour non-binding takeover bid from private investors that still falls short of the EUR18 million euros (USD19.9 million) required for the airline's reorganisation plan to succeed.
Belgian business newspaper L'Echo reports that the unidentified bidders propose to buy 75% of the airline for EUR6 million (USD6.6 million), subject to the Walloon regional government (which owns 35% of the airline) injecting an additional EUR10 million (USD11.1 million). According to L'Echo, the likelihood of the Walloon government supporting the investor's request is low, leaving the airline's future uncertain.
Still, the airline told ch-aviation it was "actively exploring alternative options and continues discussions with potential investors".
It said the offer was revealed at a September 4 sitting of the Nivelles Enterprise Court in Walloon, during which creditors were due to vote on the airline's reorganisation plan as part of the current court-led reorganisation procedure (procédure de réorganisation judiciaire - PRJ) to restructure its debts and avoid insolvency.
"The proposed reorganisation plan presented to creditors required a bid from new investors. While an offer was received shortly before the hearing, it did not meet the plan's requirements. Under these circumstances, it was determined that it was not possible to proceed with the vote on the plan as it stands. The next hearing is set for September 19," Air Belgium said.
The reorganisation plan was finalised on August 14, 2024. It prioritises passengers by ensuring they receive full refunds while placing a heavier burden on other creditors to facilitate the restructuring.
