Belgium

Lunch Garden to Relaunch 41 Restaurants After Bankruptcy

Investment firm CIM Capital has agreed to a relaunch of the Lunch Garden restaurant chain. Of the 62 locations, 41 can reopen and roughly half of the employees can return to work, Lunch Garden announced on Wednesday, according to the Brussels Times. The exact date for the reopening is still unknown. The restaurant chain will continue with a more agile structure and will be free of its historical debts, according to a press release. Out of the 41 restaurants, 24 will be company-operated, while 17 will be managed by independent operators.
Belgium
Read more

Six Banks in Belgium Fail Bankruptcy Stress Test

The majority of banks in Belgium held up well in a recent stress test regarding the guarantee of customer deposits if they went bankrupt. However, six banks failed to provide sufficient information to the Federal Government. A recent test conducted by the State Guarantee Fund (managed by the Ministry of Finance) assessed whether 29 different banks in Belgium were able to meet legal requirements in the event of a bankruptcy. All credit institutions which hold deposits in Belgium were tested, including Argenta, Belfius, BNP Paribas Fortis, CBC, Crelan, ING and KBC.
Belgium
Read more

Air Belgium Faces Bankruptcy Without a Lifeline

Air Belgium (KF) is nearing bankruptcy again, as a court in Nivelles has granted the airline a two-week extension to secure new financial backing, AirwaysMag.com reported. After almost a year of creditor protection, the airline has faced a significant drop in revenue—down 40%—following its cessation of passenger flights. The company is grappling with an annual loss of €22 million and a negative equity of €69 million, requiring at least €18 million in funding to avoid collapse.
Belgium
Read more