Sobelair pleas for bankruptcy protection
7 January 2004, BRUSSELS – Troubled Belgian charter airline Sobelair applied for bankruptcy protection Wednesday before the Brussels Commercial Court.
7 January 2004
BRUSSELS – Troubled Belgian charter airline Sobelair applied for bankruptcy protection Wednesday before the Brussels Commercial Court.
If Sobelair’s request is accepted, it will be permitted to continue operating while seeking investors to pull the company back from the brink of bankruptcy.
The company, formerly owned by now defunct national carrier Sabena, received an offer Tuesday evening from tour operator TUI/Jetair, the company’s largest client, to take over part of its activities.
TUI had been planning to create its own airline to support its many charter flights, taking over part of Sobelair presenting itself as a cheaper and quicker ready-made solution.
SN Brussels Airlines and Birdy Airlines have also shown interest in Sobelair’s activities.
Sobelair staff fear receivers would sell off the three aircraft owned by Sobelair to pay outstanding debts however, leaving no cash to pay employees unions say.
The Commercial Court should make a decision whether to award Sobelair with bankruptcy protection within the next 15 days.
If the request is rejected, Sobelair will have the choice to appeal the decision and resubmit their request, declare bankruptcy, or, in the worse case scenario, the court could pronounce the company bankrupt without going through the court process.
[Copyright Expatica News 2003]
Subject: Belgian news