Air Belgium to focus development exclusively on cargo and ACMI

Air Belgium announced (18-Sep-2023) its board of directors decided to focus its development exclusively on cargo and ACMI, and to discontinue its own passenger business which "is proving to be chronically unprofitable to date", in the face of increased competition. In order to address its current debt and return to profitability, the board has filed for judicial reorganisation by way of amicable agreement. While budget forecasts expected a return to profitability in autumn 2023, the "financial difficulties of the past, coupled with the current uncertain and challenging environment, are forcing Air Belgium to change its strategy". Air Belgium stated "numerous disruptions over the last three years" have "severely impacted the profitability", highlighting COVID-19 and the war in Ukraine. Flights scheduled after 03-Oct-2023 will be cancelled and passengers "reimbursed as a matter of priority in the scope of the proceedings". Employees in the passenger segment will continue to work during the proceedings and beyond, as management intends to reassign them gradually to other activities operated by the company. [more - original PR]