Van Hool on Brink of Bankruptcy: A Race Against Time to Find a Solution

Crisis Manager Working on Restarting Bus Builder Van Hool in Lier, No Bankruptcy Filing Expected Today

Van Hool, a Belgian bus and coach manufacturer, is facing imminent bankruptcy. Crisis manager Marc Zwaaneveld has stated that he will continue to work in line with the transformation plan to avoid bankruptcy. The court date scheduled for today, where bankruptcy could have been declared, has been postponed as Zwaaneveld focuses on finding a solution by March 31. Despite his efforts, bankruptcy seems inevitable due to Van Hool’s high debt burden and the lack of fresh capital from investors or government entities.

The Van Hool family, who are in a dispute over shares, have until 12 o’clock today to find a solution. If no agreement is reached, Zwaaneveld and the company are prepared to move forward with a plan B to sell Van Hool without the existing debts. The Flemish government supports this as the most realistic solution, which may involve a guided bankruptcy process.

Insolvency specialist Dominique De Marez believes that a transfer under judicial authority is the best option for Van Hool, as it allows for the sale of viable parts without the associated debts. Potential buyers, such as Guido Dumarey and VDL Bus & Coach, are in discussions with Zwaaneveld to acquire Van Hool and potentially save jobs. However, the financial situation of Van Hool remains dire, with debts amounting to approximately 300 million.

As the situation unfolds, it is clear that drastic measures will be needed to save the company and its employees. Zwaaneveld’s original transformation plan required 95 million euros of fresh capital, but the total amount needed may be higher. The government’s role in supporting a restart after a guided bankruptcy is crucial, as the future of Van Hool and its employees hangs in the balance.

Despite his efforts to find a solution by March 31st , Marc Zwaaneveld has acknowledged that bankruptcy may still be inevitable due to Van Hool’s high debt burden and lack of fresh capital from investors or government entities.

In conclusion , it seems that Van Hool will have to resort to either selling their business or declaring bankruptcy . As an insolvency specialist Dominique De Marez believes that transfer under judicial authority might be their best option if they choose not to declare bankruptcy.

It remains uncertain how much money they need but what’s clear is that they need more than $95m . The government’s role in supporting them after any kind of restart is crucial if they want their business and employees to survive this difficult time .

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