Van Hool seeks protection from creditors to continue talks with banks and government on its Recovery Plan

Van Hool seeks protection from creditors to ensure business continuity, the company made public yesterday 19th March. It follows the announcement made on 11th March about the company’s decision to halt production of city buses and focus only on coaches (in Macedonia).

Van Hool states it “has petitioned the Commercial Court Mechelen to have a ‘judicial reorganisation’ procedure opened. By doing so, the company wants to enable the continuity of its activity and safeguard the ongoing constructive discussions and negotiations with banks, the Flemish government, employee representatives and other stakeholders concerning the Van Hool Recovery Plan”.

Van Hool seeks protection from creditors

By the end of March, “the management is willing to be able to announce the financing regarding the Van Hool Recovery Plan on the table”, Van Hool adds.

Van Hool says it “has already received the benefit of a ‘standstill’ from its banks and wishes to introduce a cooling-off period with the ‘judicial reorganisation’ procedure in order to give the ongoing talks every chance with a view to continuity of activity”.

Within Van Hool Recovery Plan, as announced on 11th March, Van Hool said it “will engage with customers from various markets, including public transport, to discuss the implications of this potential realignment. Indeed, this change means that the company will be more selective in accepting new orders from public transport. Production of buses and coaches would mainly take place at the plant in Skopje, northern Macedonia. In Koningshooikt, the IV (Industrial Vehicles) division would focus on semi-trailers requiring a higher degree of expertise and offering higher added value for the customer as well as for Van Hool. The B&C (Bus & Coach) division would keep its knowledge centre, research & development, prototype building and after-sales in Koningshooikt”.