Van Hool, a bus builder, has recently applied for protection from creditors and was granted it by the Mechelen company court. The company’s CEO, Marc Zwaaneveld, faces a critical moment on Monday that will determine the survival of Van Hool.
The decision to seek protection from creditors was made by Van Hool just over a week after a special works council meeting. Recent developments, including the seizure of one of the company’s accounts by a creditor, forced the company to initiate a judicial reorganization process to ensure the continuity of its operations and ongoing negotiations with stakeholders.
Van Hool aims to finalize a recovery plan by the end of March, but crisis CEO Marc Zwaaneveld has set a deadline of March 25 for the resolution of a longstanding inheritance issue within the Van Hool family. This issue stems from a dispute over the distribution of shares left by the company’s founder, Bernard Van Hool, among his children.
If the family does not reach an agreement by Monday, the entire recovery plan could be jeopardized. The unions express dissatisfaction with the family’s control and the lack of clarity surrounding the situation, emphasizing the need for resolution to secure the company’s future. CEO Filip Van Hool’s absence has also raised concerns among stakeholders.
The outcome of Monday’s deadline will be crucial for Van Hool’s future prospects, with the resolution of internal family disputes playing a significant role in determining the company’s path forward.
