The sale of chip manufacturer BelGaN's buildings to a European investor is a crucial step in the resolution of the chip manufacturer’s bankruptcy, according to curator Ali Heerman.
Heerman hopes BelGaN's liquidation will generate €45 million to €50 million. “That seems almost certain today,” Heerman said on Monday.
The buyer is only purchasing the real estate; the machines and other assets were previously sold separately.
This property transaction, combined with earlier sales, is expected to boost the liquidation proceeds significantly. “We expect to bring in another €25 million to €30 million from this sale,” Heerman added.
However, a substantial portion of the company's debts will remain unpaid.
“Total liabilities amounted to approximately €90 million,” the curator said. “Of that amount, more than €40 million will likely be permanently lost.”
At the time of its bankruptcy in 2024, BelGaN had significant obligations, not only to banks but also to suppliers and employees. It is still unclear to what extent former employees will be able to claim their dues.
“Bank institutions are compensated first, followed by employees,” Heerman stated, “but employees can expect a significant dividend.”
The entire workforce was dismissed during the bankruptcy. The new owner will start afresh but has expressed interest in negotiating with former engineers. “If they are interested, he is willing to discuss potential rehiring,” Heerman confirmed.
The curator sees a positive outcome in that the site in Oudenaarde will regain economic value. “The intrinsic value of the buildings is relatively limited; new plans add value to the site,” he said. “This offers prospects not only for the region but also for creditors, who can recover part of their money.”
The buyer’s identity remains confidential for now.
It has been confirmed that the purchaser is a European entity intending to launch into the large-scale production of photonic chips. This technology is mainly used in artificial intelligence, data centres, and the automotive sector.
The company plans a phased investment of €200 million to €250 million over several years.
