Air Belgium has completed its 10 million euro support plan, which will not consist of new cash, but of new loans or adjustments to existing loans, financial newspapers L’Echo and De Tijd reported on Thursday evening.
One and a half months ago, the company was reported to be on the verge of bankruptcy, but CEO Niky Terzakis refuted any threat of bankruptcy, citing instead “a major investment project“.
According to the newspapers, 70% of the money comes from new shareholder loans from Hongyuan (6.5 million euros) and Sabena Aerospace (0.5 million euros). The public shareholders (the Walloon Sogepa and SRIW and the Belgian federal SFPI) did not want to provide fresh money; their participation would be by extending certain repayment periods.
New destinations are reportedly in the pipeline to replace unprofitable destinations in the Caribbean, in addition to South Africa and Mauritius which remain on the timetable. However, most of Air Belgium’s turnover is generated by freight, the speciality of major shareholder Hongyuan (49%).
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- Source: https://www.aviation24.be/airlines/air-belgium/air-belgium-manages-to-collect-e10-million-and-avoids-the-cessation-of-its-activities/
