Air Belgium Liquidates After CMA CGM Deal, Brand to Continue
Air Belgium has been placed into liquidation following the formal transfer of its cargo operations to French logistics group CMA CGM. The Business Court of Walloon Brabant finalized the decision on April 30, after all legal and regulatory conditions were met. While the corporate entity Air Belgium SA will cease to exist, the Air Belgium brand will live on under CMA CGM’s air freight division.
The move follows the approval of CMA CGM’s takeover offer in March and the issuance of new Belgian operating licenses. CMA CGM confirmed it would retain 124 of Air Belgium’s 401 employees, including 72 pilots and 52 support and operational staff, with cargo operations continuing from Belgium. Passenger services, however, will not resume.
Air Belgium’s freighter fleet includes two A330-200P2Fs leased from Altavair and two Boeing 747-8Fs owned by former 49% shareholder Hongyuan Group. The brand transfer marks the end of Air Belgium’s seven-year journey, which faced headwinds from COVID-19, the Ukraine war, and broader market disruptions.
CEO Niky Terzakis said the company had exhausted all rescue options and emphasized that preserving cargo jobs and operations was the most viable outcome. He expressed gratitude to staff, unions, authorities, and stakeholders who supported the transition.
CMA CGM, which also operates CMA CGM Air Cargo out of Paris CDG, aims to expand its air cargo footprint through this acquisition. The group plans to add a Boeing 777F in the short term and eight Airbus A350Fs from 2027. It also holds an 8.8% stake in Air France-KLM.
Related News: https://airguide.info/category/air-travel-business/airline-finance/
Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com