Air Belgium has received an extended deadline for its judicial reorganisation procedure (JRP) as it seeks to finalise agreements with creditors. As reported in Belgian publication L-Post, the Walloon Brabant Company Court has set a new date of May 13; superseding a previous conclusion date of January 22, 2024.
The European airline first filed for judicial reorganisation in September 2023 and stopped its scheduled passenger services on October 3, 2023. In a statement dated September 2023, it cited a variety of external events (such as Covid, international conflict and inflation) as having had ‘a very severe impact on the profitability of the business and on the cashflow of Air Belgium,’ confirming that it would now look to focus on cargo and ACMI areas.
The four-month extension will now allow the company to “negotiate and finalize with the remaining creditors and to make progress with potential investors,” says the L-Post, referencing an internal document sent by Air Belgium’s management to employees at the beginning of the year.