The banks are Van Hool’s largest creditors with 200 million euros, which is why they were initially looked at. Only if they were prepared to intervene would the Flemish government consider supporting the bus builder financially. But it doesn’t seem to get that far. Flanders is exposed to bankruptcy to the tune of 30 million euros through bank guarantees.
In addition, a family feud stands in the way of rescue. Zwaaneveld demands that the various family branches reach an amicable settlement by Monday over inheritance disputes, which have led to two-thirds of the shares being blocked for sale. The lack of an agreement threatens to make a sale of Van Hool impossible and deter potential buyers. According to ‘De Tijd’ no settlement has yet been reached.
For Zwaaneveld there is now the option to opt for a flash bankruptcy, in which a trustee makes a quick start with a partial or complete takeover of the activities or assets by industrial players.
