EC approves ABX retructuring plan
8 December 2005, BRUSSELS — The European Commission approved on Wednesday the financial part of the restructuring plan for the Belgium-based ABX Logistics group, valued at EUR 176 million.
8 December 2005
BRUSSELS — The European Commission approved on Wednesday the financial part of the restructuring plan for the Belgium-based ABX Logistics group, valued at EUR 176 million.
"This decision is based on a restructuring plan, which significantly reduces the capacity of the ABX Worldwide group, including its branches ABX Germany and ABX Netherlands, restores the viability of the whole of the group and transfers all of its capital to a private investor who must act within 12 months of this decision," the EC said.
The domestic activities of ABX France were privatised in 2005, online news service 'Brussels Review' reported.
Between 1998 and 2001, Belgian rail NMBS-SNCB gradually acquired the companies forming the ABX network.
The network — with 107 branches in Europe, Latin America, Africa and Asia — was struggling financially due to activities in Germany, France and the Netherlands.
In February 2002, the Belgian government announced the restructuring of the whole of the ABX group.
This operation — financed by NMBS-SNCB — was notified to the EC in 2003 and 2005.
The EC has since approved the measures, stressing they "should be enough to restore ABX’s viability, even if it means having to sell the whole of the ABX Worldwide group".
[Copyright Expatica News 2005]
Subject: Belgian news