• Wed. May 29th, 2024

Van Hool’s Last Hope: Insolvency Specialist Offers Guided Bankruptcy Solution Amidst High Debt Burden

BySamantha Nguyen

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

Van Hool’s crisis manager Marc Zwaaneveld has stated that he will continue to work in line with the transformation plan, even if it means declaring bankruptcy. The deadline for this decision is March 31st. Despite Zwaaneveld’s efforts, bankruptcy seems inevitable due to Van Hool’s high debt burden. The company is in need of fresh capital to avoid this outcome, but finding investors willing to provide the necessary funds has proven challenging. Additionally, a family dispute within the Van Hool family over shares further complicates the situation.

As the fate of Van Hool hangs in the balance, insolvency specialist Dominique De Marez believes that a transfer under judicial authority is the most likely outcome for the company. This process would involve selling the viable parts of the company without its associated debts, granting protection from creditors for a period of time. Zwaaneveld is actively engaging with potential buyers, including West Flemish entrepreneur Guido Dumarey and Dutch bus builder VDL Bus & Coach.

The financial situation at Van Hool remains dire, with debts totaling around 300 million to banks and the NSSO. Zwaaneveld’s initial transformation plan called for 95 million euros of fresh capital to save the company, but the actual amount needed may be higher. Ultimately, the decision to pursue a guided bankruptcy may result in reduced severance payments for employees and financial losses for various stakeholders.

As hopes for a successful restart after the resolution of the current crisis wane, questions about whether Van Hool’s board of directors has acted in

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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