Air Belgium in 2024

[sn26567]

3. Strange they are talking about "a potential new investor". Why looking for external help, because they already have powerfull shareholders for a capital increase?

The relationship between Air Belgium and Hongyuan (which owns 49.99% of the shares) is strained: Hongyuan is at the same time owner of half of Air Belgium, but also a customer of the airline, to which it doesn't pay its bills. Therefore Air Belgium is looking for a new shareholder who could be the Chinese (again!) province of Sichuan. On the other hand, the official Belgian shareholders refrain from investing new money

After so many bad experiences with the Chinese, why continue looking in the same direction?

[sn26567]

Oh, you’ve surfed the internet again!

You too, if you are on this website

[jan_olieslagers]

why continue looking in the same direction?

Because that's where the money is, and the ambition for "sowing where one has not yet reaped"?

[TLspotting]

2. Not a word about when they will refund the Thousands of passengers and the travel trade. It's thanks to their money that Air Belgium can pay for the fuel and the salaries. Refund on 20th September???
3. Strange they are talking about "a potential new investor". Why looking for external help, because they already have powerfull shareholders for a capital increase?

Not a single word about the losses at Air Belgium, Belga closed the eyes on them.

3. Strange they are talking about "a potential new investor". Why looking for external help, because they already have powerfull shareholders for a capital increase?

The relationship between Air Belgium and Hongyuan (which owns 49.99% of the shares) is strained: Hongyuan is at the same time owner of half of Air Belgium, but also a customer of the airline, to which it doesn't pay its bills. Therefore Air Belgium is looking for a new shareholder who could be the Chinese (again!) province of Sichuan. On the other hand, the official Belgian shareholders refrain from investing new money

After so many bad experiences with the Chinese, why continue looking in the same direction?

Let's quote the original source which of course wasn't read in its entirety
They exactly own 49,95% of AB.

[SLM]

What happened with the OO-ABF? Diverted to BDL and is still there since yesterday? Tx

[Lux_avi]

What happened with the OO-ABF? Diverted to BDL and is still there since yesterday? Tx

Thunderstorms in JFK. Caused lots of diversions yesterday.

[SLM]

Tx for the information.

[Passenger]

So tomorrow, the trade court holds its final session of the judicial reorganization.
VVR and UPAV, the 2 major Belgian travel agents associations, have advised their members to vote abstention. Both VVR and UPAV find it unacceptable that the rescue plan makes a difference between direct bookings (100% refunds) and bookings via the travel trade (only 50% refund). There is no legal ground for such discrimination, the travel trade lawyers say. On top, the 50% deduction is against European legislation EU-Rule 261/2004, stating that passengers must be fully refunded. The travel trade creditors will therefore ask the trade court to amend the rescue plan by waiving the above 50% deduction.

Homepage article 21/08/2024:
https://www.aviation24.be/airlines/air- ... osed-plan/

[Passenger]

So tomorrow, the trade court holds its final session of the judicial reorganization.
VVR and UPAV, the 2 major Belgian travel agents associations, have advised their members to vote abstention. Both VVR and UPAV find it unacceptable that the rescue plan makes a difference between direct bookings (100% refunds) and bookings via the travel trade (only 50% refund). There is no legal ground for such discrimination, the travel trade lawyers say. On top, the 50% deduction is against European legislation EU-Rule 261/2004, stating that passengers must be fully refunded. The travel trade creditors will therefore ask the trade court to amend the rescue plan by waiving the above 50% deduction.

Homepage article 21/08/2024:
https://www.aviation24.be/airlines/air- ... osed-plan/

Result of today's vote: there was no vote. The judicial reorganizer told the court that there are no potential external investors (contrary to what Air Belgium wrote in its business rescue plan). The judicial reorganizer told the Court that there is one candidate investor indeed, but with so many unrealistic demands that he (= the judicial reorganizer) can't propose it to a vote in Court.

So the actual PRJ fails.

Next court date is now set for 18th September: a day before the PRJ has to end formally/legally.

[SR20]

Air Belgium cannot expect much from its current shareholders

https://www.tijd.be/ondernemen/luchtvaa ... 63037.html

https://www.lecho.be/entreprises/immobi ... 63066.html

[luchtzak]

Air Belgium cannot expect much from its current shareholders

https://www.tijd.be/ondernemen/luchtvaa ... 63037.html

https://www.lecho.be/entreprises/immobi ... 63066.html

Hoping for a positive outcome. But the situation seems bleak.

https://www.aviation24.be/airlines/air- ... nvestment/

[crew1990]

LOT will use a Euro Atlantic 777 for the WAW-JFK route instead of Air Belgium from end October...

[Established02]

The daily BRU-CVG A332 for DHL has also come to an end, it seems.

[Lux_avi]

George Louis Bouchez has said the Walloon Region will not further invest in Air Belgium.

Poor management will most likely have consequences for those who are currently employed by the airline. I am convinced they could have been successful with better choices.

I am still wondering how someone could think back when AB started that a CRL-HKG route would ever make money. Best way to loose all your assets from the start IMHO.

They were able to switch to cargo very fast during covid, which was smart, but with the wrong fleet. Nobody wanted the 2 B748’s they are operating. Too heavy, too expensive, profit here again very hard to achieve. The 330F is not very demanded either.

The ACMI market right now is huge and should have been their focus. But what can you do with a single 330NEO…

The end I’m afraid.

[Kapitein]

The daily BRU-CVG A332 for DHL has also come to an end, it seems.

Aircraft is C-check in MPL at the moment.

[TLspotting]

LOT will use a Euro Atlantic 777 for the WAW-JFK route instead of Air Belgium from end October...

Yes, it was already known that the contract wouldn't be extended with the aircraft being withdrawn in November.

The daily BRU-CVG A332 for DHL has also come to an end, it seems.

DHL took it over, the 2nd P2F flies for Air France.

George Louis Bouchez has said the Walloon Region will not further invest in Air Belgium.

Poor management will most likely have consequences for those who are currently employed by the airline. I am convinced they could have been successful with better choices.

I am still wondering how someone could think back when AB started that a CRL-HKG route would ever make money. Best way to loose all your assets from the start IMHO.

They were able to switch to cargo very fast during covid, which was smart, but with the wrong fleet. Nobody wanted the 2 B748’s they are operating. Too heavy, too expensive, profit here again very hard to achieve. The 330F is not very demanded either.

The ACMI market right now is huge and should have been their focus. But what can you do with a single 330NEO…

The end I’m afraid.

Employees of AB in Warsaw are literally "praying" that the engines operate till the end.

The daily BRU-CVG A332 for DHL has also come to an end, it seems.

Aircraft is C-check in MPL at the moment.

Isn't it in PGF?

[Kapitein]

Isn't it in PGF?

oops my mistake, it's in PGF indeed not MPL.

[theeuropean]

It’s behind a paywall but it seems an investor will buy 100% of Air Belgium

Source: https://www.ch-aviation.com/news/144767 ... ium-report

[lumumba]

It’s behind a paywall but it seems an investor will buy 100% of Air Belgium

Source: https://www.ch-aviation.com/news/144767 ... ium-report

It looks like CMA CGM is going to buy 100% of Air Belgium but only the cargo activity.

[TLspotting]

It’s behind a paywall but it seems an investor will buy 100% of Air Belgium

Source: https://www.ch-aviation.com/news/144767 ... ium-report

Known for a week already.
Only original source, even quoted by De Tijd : https://lpost.be/2024/09/12/air-belgium ... fic-cargo/