Van Hool Crisis Manager Announces Plan to Avoid Bankruptcy Despite High Debt Burden and Family Dispute.

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

Marc Zwaaneveld, crisis manager at Van Hool, has announced that he will continue to work in line with the transformation plan to avoid bankruptcy. The court date scheduled for today to declare bankruptcy 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 is currently in a dispute over shares and 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 euros.

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 it may not be enough as 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 .

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