The Commercial Court in the Walloon Brabant city of Nivelles has heeded the airline Air Belgium’s request to be placed under a judicial reorganisation procedure. This will grant the airline protection from its creditors while it draws up a restructuring plan. The news that Air Belgium is to be placed under a judicial reorganisation procedure is reported on by the website of the Francophone financial daily ‘L’Echo’.
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Commercial Court places Air Belgium under a judicial reorganisation procedure
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Air Belgium now has just under four months to present its restructuring plan. Earlier this month we reported that Air Belgium was scrapping all its remaining passenger flights to concentrate on air cargo and hiring out its aircraft to other carriers.
Air Belgium’s passenger services will cease from next Monday. Around 11,000 passengers that were booked on Air Belgium flights after 3 October will now have to seek an alternative carrier.
Air Belgium is based at Mont-Saint-Guibert in Walloon Brabant and the Walloon Region Authority is one of the airline’s main shareholders. The airline will continue its air cargo operation and to carter out its aircraft to other carriers for the duration of the judicial reorganisation procedure.
In a statement sent out to the around 500 people that work for Air Belgium, the airline’s CEO Niky Terzakis said that “As of today, our company is protected and your jobs are also maintained.”
Flights scheduled for after 3 October that have been cancelled and have already been paid for will be given priority for reimbursement. However, it is still uncertain when exactly this will be.