Van Hool crisis manager working to prevent bankruptcy and restart bus builder in Lier

Van Hool Crisis Manager Zwaaneveld Takes Risks with Bankruptcy Deadline: Insolvency Expert Predicts Imminent Bankruptcy

Van Hool crisis manager Marc Zwaaneveld has announced that he will continue to work in line with the transformation plan, despite the looming bankruptcy deadline. This decision means that the company’s books will not be submitted to court today, but it does not guarantee a successful resolution of the financial crisis.

Family disputes within the Van Hool family over shares have further complicated the situation, and finding investors willing to provide fresh capital has proven challenging. The family must present a solution by 12 o’clock today or risk considering bankruptcy on Monday. Zwaaneveld is already preparing for a plan B, which involves trying to sell Van Hool without its existing debts.

Insolvency specialist Dominique De Marez believes that a transfer under judicial authority is the most likely outcome for Van Hool. 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. The 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 the fate of Van Hool hangs in the balance, questions about whether the board of directors has acted in the best interests of employees are bound to arise. The potential impact on the company’s 2,500 employees is significant, with hopes for a successful restart after resolving this crisis at stake.

In conclusion, while Zwaaneveld’s efforts have kept Van Hool from filing for bankruptcy today, there is still much uncertainty surrounding its future. As insolvency specialist De Marez predicts that bankruptcy is inevitable if no solution is found by March 31st

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