Van Hool goes bankrupt, but works “until the last breath” to restart the company (Lier)

READ ALSO. The Van Hool family has lost everything, but not employees (yet): co-CEO Marc Zwaaneveld optimistic about takeover

In a statement that was just read out at a press conference, the company points out the inheritance dispute within the shareholders and the Van Hool family. The deadline to resolve this, Monday afternoon, was not met. “In this situation, we note that implementation of the recovery plan is unfortunately no longer possible,” says spokesperson Dirk Snauwaert.

Van Hool now confirms that it is working on a “parallel approach” with a restart of the company by a potential acquirer. “That is only possible in a bankruptcy scenario,” says crisis manager Marc Zwaaneveld. “There are currently three candidates for this, two of which are working together, all European. Of course, they all have their own plans for the company. We will do our best to retain as many activities and staff as possible, but it is ultimately up to the potential acquirer to decide.”

The factory in Macedonia is also part of the discussions.

READ ALSO. Van Hool workers testify: “The buses from Macedonia have major defects that we have to repair here”

This week, Van Hool is working “until the last breath” on such a solution. According to Zwaaneveld, the expected bankruptcy would follow “soon after March 31”. The company also calls on employees to continue working in the interest of a possible takeover. “We also have a well-filled order book,” says Zwaaneveld. “And everything that was planned for this month will also be paid out (wages, ed.). You have to keep the factory running if you want to be able to continue activity and employment after a takeover.”

Van Hool believes that the proposed recovery plan, in which around 1,100 of the 2,500 jobs would be lost but the company would continue to exist if financing was found, was “challenging but feasible”. “But because a solution to the inheritance dispute proved impossible, the confidence of stakeholders in strengthening our equity continued to erode,” says spokesperson Dirk Snauwaert. However, the company has prepared itself for that situation by also taking bankruptcy and restart into account at the same time, it said.