Belgium’s VLM Airlines files for bankruptcy
VLM Airlines has confirmed it has filed for bankruptcy. “All flights are cancelled with immediate effect,” VLM said June 22. The carrier had filed a formal application in May asking for creditor protection for 6 months to avoid bankruptcy. However, the company said it did not have enough time in those 6 months to compensate for the number of pilots who left the carrier and bring in additional financial resources. Also, a planned sale-leaseback deal for several aircraft in its fleet had failed because VLM would have needed at least 2 or 3 additional months for a successful re-capitalisation. “We realized that all restructuring measures we had implemented from January onward had been come too late for a sustainable restructuring,” CE Hamish Davidson said. <br/>
https://portal.staralliance.com/imagelibrary/news/hot-topics/2016-06-23/unaligned/belgium2019s-vlm-airlines-files-for-bankruptcy
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Belgium’s VLM Airlines files for bankruptcy
VLM Airlines has confirmed it has filed for bankruptcy. “All flights are cancelled with immediate effect,” VLM said June 22. The carrier had filed a formal application in May asking for creditor protection for 6 months to avoid bankruptcy. However, the company said it did not have enough time in those 6 months to compensate for the number of pilots who left the carrier and bring in additional financial resources. Also, a planned sale-leaseback deal for several aircraft in its fleet had failed because VLM would have needed at least 2 or 3 additional months for a successful re-capitalisation. “We realized that all restructuring measures we had implemented from January onward had been come too late for a sustainable restructuring,” CE Hamish Davidson said. <br/>
