Belgian Airlines provided an update on the progress of its judicial rehabilitation proceedings (PRJ) in a letter dated 18 January 2024 to its partners in the travel industry. Following the initial four-month PRJ period, which was scheduled to end on 22 January 2024, the relevant court (Brabant Walloon Court) approved the request for an extension through May 13, 2024.
The extension is seen as necessary to finalize remaining agreements with creditors and enforce existing agreements, and will delay the start of repayments until June 2024.
The travel industry and consumers remain both positive and cautious about this development. The decision to extend the PRJ period is seen as averting the risk of imminent bankruptcy and is an opportunity for Belgian Airlines to continue implementing its restructuring plan. However, the airline’s restructuring plan has yet to be fully approved, and uncertainty remains about the final repayment process.
UPAV, the travel industry’s representative body, recognizes the complexity of the situation and highlights its efforts to support its members. Despite the challenges, he stressed the importance of transparently informing customers, assured Air Belgium was not in bankruptcy and promised to provide an update in May 2024. .
UPAV continues to actively engage with relevant stakeholders, including: wallony entrepreneurHe asked for good conditions. Political efforts are underway to address the economic and financial impact on travel agencies, highlighting the seriousness of the situation through industry forums and dialogue with policymakers.
Given Belgian Airlines’ PRJ status, a degree of discretion will be maintained, but UPAV encourages inquiries from interested parties. Our continued efforts to champion the interests of travel agents at all levels remains a top priority as UPAV navigates the complexities of this challenging situation.