I'm not an expert either, but my understanding is that the (imho not so) "huge" capital increase was indeed not cash but a debt to a supplier cancelled by that supplier (SF Aviation Holding) in exchange for (additional?) shares in the company.Passenger wrote: 15 Jun 2018, 12:31Yes, huge. But if I read it correct, not one Euro from that 8.179.534 Euro has appeared on their bank account. From the notification in the Staatsblad/Moniteur: "...Het besluit van het verslag van de commissaris luidt letterlijk als volgt: “De inbreng in natura voor een bedrag van € 8.179.534 door de Besloten Vennootschap SF Aviation Holding, tot kapitaalverhoging van de naamloze vennootschap VLM Airlines (“de Vennootschap), bestaat uit de inbreng van schuldvorderingen ten bedrage van € 8.179.534 ten aanzien van de Besloten Vennootschap SF Aviation Holding...sn26567 wrote: 15 Jun 2018, 12:21
The last one is another story: the transition period from TCAB to VLM, and thus difficult to analyse. It is before the huge capital increase mentioned above.
The fact that this supplier is a holding company suggests that the debt might be related to the typical "management fees".
Even after that capital increase, the company seems short on cash.
