Plans by UK cargo firm Air One International Holdings and Dutch company Peso Aviation Management to acquire Air Belgium’s cargo business have fallen apart after a court revoked the takeover process.
Air One and Peso gained court approval for their proposed takeover of struggling Air Belgium’s cargo business in December, however, according to media reports, the Nivelles enterprise court revoked the acquisition process on 6 March.
The next step in the acquisition process was due to involve securing the required operating and aviation licences from the Belgian aviation authorities.
To complete the purchase, a new company, Air One Belgium (AOB), was being created. This entity was due to be 51% owned by Peter Scholten of Peso and 49% owned by Air One.
The company was expected to acquire Air Belgium’s cargo business assets, contracts, and essential personnel.
In September 2023, Air Belgium said it had decided to discontinue its own passenger business and focus exclusively on “cargo and ACMI for passenger and cargo flights” due to economic challenges that have resulted in the airline acquiring debt.
But while the airline underwent a judicial restructuring, it has been seeking investors to provide financial stability.
Air One Holdings International appears to have links to the UK’s One Air, which operates a fleet of Boeing 747 freighters.