• Wed. May 22nd, 2024

Van Hool on the Brink of Bankruptcy: A Race Against Time for a Rescue Plan

BySamantha Jones

Mar 27, 2024
Van Hool crisis manager working to prevent bankruptcy and restart bus builder in Lier

Van Hool, a struggling bus manufacturer, has been on the brink of bankruptcy for some time now. Despite the efforts of crisis manager Marc Zwaaneveld to implement a transformation plan, the company’s high debt burden and lack of fresh capital have made it difficult to avoid insolvency.

Zwaaneveld has stated that he will continue to work in line with the transformation plan, even if it means not submitting the company’s books to court today. The deadline for this decision is March 31st, and the family must present a solution by 12 o’clock today or risk facing bankruptcy.

If no resolution is reached by Monday, Van Hool’s board of directors will consider their response. Zwaaneveld is already preparing for a plan B, which involves trying to sell the company without its existing debts.

Insolvency specialist Dominique De Marez believes that a transfer under judicial authority may be the most likely outcome for Van Hool. This process would involve selling only the viable parts of the company without its associated debts and granting protection from creditors for a period of time. Zwaaneveld is actively engaging with potential buyers, including Guido Dumarey and VDL Bus & Coach.

The financial situation at Van Hool remains dire, with debts totaling around 300 million euros to banks and NSSO. The actual amount needed for fresh capital may be higher than initially estimated, which could result in reduced severance payments for employees and financial losses for stakeholders. As the fate of Van Hool hangs in the balance, questions about whether the board has acted in

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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