Photo: Air Belgium
Air One Belgium will appeal a court decision to end its proposed takeover of the cargo business of financially troubled Air Belgium.
In a statement shared with Air Cargo News, Peter Scholten, majority shareholder and co-chief executive of Air One Belgium, said it was ”extremely disappointed” by the Nivelles enterprise court’s decision to stop the transfer of Air Belgium Cargo.
The Anglo-Dutch company, which is 51% owned by Peter Scholten of Peso Aviation Management and 49% owned by UK firm Air One, said it strongly refutes the court’s decision based on the facts and intends to immediately appeal.
The court had ruled that the takeover was taking too long and had therefore failed. The court gave the airline a final deadline of 27 March to find an alternative investor or face liquidation.
However, Air One Belgium said that it had been “working diligently” to bring the process to a conclusion.
"We have been actively progressing the acquisition, from the setting up of the company to reaching an agreement with Sichuan International Air Cargo Development Co., Ltd regarding the lease of two Boeing 747 freighters and future flight operations,” said Scholten.
"Aircraft contracts have been produced, and we have travelled to China for face-to-face meetings in Chengdu, which were successful.
"Simultaneously, we have prepared everything required for regulatory approvals and licencing and submitted these to the relevant Belgian authorities.
"Some of these activities have taken longer than anticipated and this was not helped by the Christmas and New Year holiday period nor the earlier Lunar New Year.
"Nonetheless, we remained focused and committed to completing the acquisition as the only bidder for Air Belgium’s cargo business.”
Scholten added that business recovery situations often encounter barriers and that it had not been given the opportunity to talk directly to trade union representatives to provide updates on our progress.
The owners of the Airbus freighters previously being operated by Air Belgium had also decided to find other business for their aircraft in the meantime.
"Until the outcome of [the] court ruling, we were still working towards completing the acquisition and creating a viable cargo business which would protect jobs, support trade to and from Belgium, and contribute to the Belgian economy," added Scholten.
"Looking forward, we remain fully committed to establishing an all-cargo airline that supports the growth of Belgium’s business and air cargo community, and which – in the long-term - can contribute to the growth of the Belgian economy and offer employment opportunities for professionals in the aviation and cargo sectors.
"We will continue our efforts with the Belgian authorities to make this objective a reality."
In September 2023, Air Belgium said it had decided to discontinue its own passenger business and focus exclusively on “cargo and ACMI for passenger and cargo flights” due to economic challenges that have resulted in the airline acquiring debt.
But while the airline underwent a judicial restructuring, it has been seeking investors to provide financial stability.
Then on 12 December, the Business Court of Walloon Brabant today approved Air One Belgium's proposed takeover of the airline.
The airline had last year been operating a fleet of two Boeing 747-8F and two Airbus A330-200F aircraft.
