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Air Belgium (KF, Brussels Charleroi) has cancelled all of its passenger flights from October 3 with the intention of continuing beyond that date with its cargo and leasing activities only, and is seeking protection from creditors, it announced on September 18.

A series of “external events that have weakened the company in recent years” including the pandemic, the war in Ukraine, soaring fuel prices, inflation, and declining consumer purchasing power, and these “coupled with the current uncertain and challenging environment” have “forced” the board of directors into metamorphosing its business model, it said.

It will now focus “exclusively on cargo and ACMI and file for judicial restructuring by way of amicable agreement to ensure its long-term viability and growth.” These two “growth-generating B-to-B activities” for passenger and cargo flights are more profitable than continuing its own “chronically unprofitable” passenger business.

Air Belgium lamented that it was “deeply sorry to announce the discontinuation of its passenger business at such short notice. All options for maintaining this activity or continuing flights after October 3 were examined...

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