Van Hool, a Belgian bus manufacturer, is on the brink of bankruptcy. The company’s high debt burden and lack of fresh capital from investors or government entities have left it in a dire financial situation. Marc Zwaaneveld, crisis manager at Van Hool, has stated that he will continue to work in line with the transformation plan to avoid bankruptcy. Despite his efforts, bankruptcy seems inevitable due to the company’s financial situation.
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 balance.
In conclusion, Van Hool faces significant challenges due to its high debt burden and lack of fresh capital from investors or government entities. Marc Zwaaneveld has stated that he will continue to work in line with the transformation plan to avoid bankruptcy while insolvency specialist Dominique De Marez believes that a transfer under judicial authority is the best option for Van Hool. The Flemish government supports this as
