Air Belgium, along with its Board of Directors, are holding a planned extraordinary general meeting today to decide to continue operating or dissolve the airline, amid financial difficulties.

The move comes after the carrier faced the non-respect of contractual terms by its major commercial partner regarding tariffs and load factor, and therefore canceled its Hong Kong flights. During the pause the carrier will continue operating for other legacy airlines and focus on launching its air service to mainland China, such as Zhengzhou.

The shareholders and management decided to continue with flights operated for third-party companies, however the company has to deal with net assets reduced to an amount less than half of its capital.

The update comes as the airline signed a "strategic agreement" with Henan Civil Aviation Development and Investment Co.