Faced with a more than unstable socio-economic and geopolitical environment and in view of the fact that an airline has to plan for cycles of 3 to 5 years, Air Belgium’s Board of Directors has taken a number of decisions to ensure the long-term viability and growth of the company which has a staff of 500 people, namely to:
- Concentrate on the two profitable lines of business that offer growth prospects: The activities of cargo and ACMI (Aircraft, Crew, Maintenance and Insurance, or wet lease), i.e. the leasing of aircraft between airlines for passenger and cargo flights, constitute two profitable lines of business with growth prospects.
- Discontinue the Passenger business: despite the many investments by Air Belgium in recent years and the strengthening of commercial initiatives, the Passenger business is still unprofitable. After numerous studies, Air Belgium’s Board of Directors reached the conclusion that turning a profit on this front would require substantial investments in addition to those already made in recent years, which has not been possible.
- Initiate judicial reorganisation proceedings by way of amicable agreement to ensure the company’s long-term viability and growth and to give it time to reorganise internally around these two segments.
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