The banks appear unwilling to intervene with the ailing bus builder Van Hool. The newspaper De Tijd wrote this on Friday evening. Even if the family feud between different branches is resolved by Monday, it will be over for the rescue plan of crisis manager Marc Zwaaneveld, the newspaper said.
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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. According to De Tijd, three industrial companies are interested, including the West Flemish serial entrepreneur Guido Dumarey.
