Van Hool will go bankrupt anyway, crisis manager aims for a restart

In any case, the Belgian bus builder Van Hool will file for bankruptcy. Crisis manager Marc Zwaaneveld will continue to negotiate with possible buyers in order to make a quick restart. ‘We won’t give up as long as it isn’t necessary.’

The bankruptcy procedure is being initiated at Van Hool. Crisis manager Marc Zwaaneveld reported this on Monday at a special works council at the bus manufacturer. At the same time, discussions are still ongoing with possible buyers to make a fresh start if the company is actually declared bankrupt. Zwaaneveld again mentioned March 31 as the ultimate deadline for a solution.

It was impossible to implement the recovery plan that Zwaaneveld had developed, the Dutchman admitted during a press conference. The most important obstacle is the inheritance dispute within the Van Hool family. “That has proven to be a complicating factor that makes a solution impossible,” said spokesman Dirk Snauwaert.

The water between the different family branches turned out to be too deep. They failed to reach an internal agreement or amicable settlement by Monday – the deadline given to them by Zwaaneveld. As a result, the confidence of the parties involved further eroded, meaning that the only possible sequel was bankruptcy.

A curator has now been appointed to investigate whether a partial or complete takeover of the activities or assets is possible. This concerns, among other things, the factory halls or the still profitable trailer division. It is interesting for acquirers to only act after a bankruptcy, because the debt burden of 400 million euros will then disappear and they will not have to pay tens of millions in termination fees.

What Van Hool may look like in the future remains unclear. ‘I can’t tell you anything about the legal structure,’ says Zwaaneveld. ‘It is up to the potential acquirer and the curator to decide together which parts can remain intact. Our own plans provided for retaining as many activities and employment as possible, but it is ultimately up to the acquirer to determine what he wants to keep or not.’

The fate of the more than 4,000 employees at Van Hool, of which 2,500 in Belgium, therefore remains unclear. ‘There is still confidence in a quick restart. We will not give up as long as it is not necessary,” says Snauwaert. Zwaaneveld confirmed that discussions are still ongoing with three European industrial partners, two of which are working together, who are interested in one or more parts of the company.

The unions hoped for more clarity about the candidate takeovers, but Zwaaneveld does not want to name any names. Much depends on the final partners. For example, the Flemish government is prepared to support a restart, but Prime Minister Jan Jambon (N-VA) said on Sunday that he first wants to see which serious parties are emerging and whether they need support at all.

“The management is keeping its cards close to its chest,” says Christophe Van Audenhove of the liberal trade union ACLVB. ‘Without clarity about the identity of the interlocutors, we have no insight into possible future employment. Will the outcome be more positive or negative than the original recovery plan? The employees are left with more questions than answers.’