Belgian Carrier, VLM, has filed for bankruptcy protection in an Antwerp commercial court. CEO Hamish Davidson has commented that he expects the restructuring period to last for six months where the airline can focus on repaying historical debts and suppliers to allow the carrier to keep flying.
The bankruptcy filing was triggered by creditor KBC Bank, which is owed €3 million, when it froze VLM's accounts last week. The airline owes a further €3 million to various suppliers including Antwerp Airport.
VLM registered a loss of €13 million for its last financial year.