Vynova Belgium, a chemical plant located in Tessenderlo-Ham, announced that it will file for bankruptcy early Tuesday morning.
The plant, which is in roughly €275 million in debt, announced that its negotiations for a potential buyout or recapitalisation were unsuccessful, and an estimated 600 employees will lose their jobs as a result of the bankruptcy.
"We deeply regret that, despite the considerable efforts everyone at the company has made over the past few months, we have reached this point," the company's board said. "Our first concern today is our employees and their families. We are fully aware of the far-reaching consequences for them and of how difficult this uncertainty is."
The board added that they saw "no other option" besides filing for bankruptcy due to an extremely unpredictable economic climate. This unpredictability is something Vynova believes made it even more difficult to make a deal with potential new investors.
Dorien Bartels, the plants team leader, told VRT News Monday that there were previous signs that made employees worry about some sort of impending budget cuts, like phone subscriptions being cancelled. Despite having no concrete evidence, Bartels predicted on Monday with "99.9% certainty" that Vynova would shortly announce its bankruptcy.
"This is an emotional period, because all employees really enjoyed working here," Bartels told VRT. "It would be such a shame, because there is a risk of losing a great deal of knowledge here. Fortunately, we find comfort in each other today."
A court ruling on the bankruptcy is expected to be announced within the next few days.
