Van Hool is pivoting from a recovery strategy announced earlier this month, following unforeseen internal disputes.
The recovery plan, initially deemed feasible and well-received by stakeholders including banks, government bodies, and potential investors, hit a stumbling block due to an inheritance dispute within the Van Hool family and among shareholders.
That dispute has eroded the confidence of stakeholders in bolstering Van Hool’s equity and made the immediate implementation of the plan untenable, the company says.
However, Co-CEO Marc Zwaaneveld expresses the company’s commitment to finding a viable solution.
“We absolutely refuse to give up and continue to make maximum efforts to find a solution by the end of March,” he says. “We believe that a solution is still achievable, but we need the maximum support from all involved parties. Let’s work together and remain calm to make a sustainable future possible.”
With a March 31 deadline looming, Van Hool has been proactive in engaging with potential acquirers, exploring the possibility of a restart that considers the best interests of all stakeholders and its workforce.
The company’s efforts have been underpinned by support from banks, the Flemish government, and Minister Jo Brouns, as well as the continued backing of its employees, the Works Council, and unions.
