GULF AIR WELCOMES NEW FUNDING PLAN
Manama : Gulf Air yesterday welcomed a decree by His Majesty King Hamad, allocating BD185 million to recapitalise the airline, address the national carrier's current position and secure its long-term sustainability.
The funding will be used to fulfil the airline's current debt obligations and meet its future restructuring costs.
Working together with the government and its shareholder Mumtalakat to review its existing fleet and network, Gulf Air will implement an accelerated strategy and aggressive restructuring programme to achieve more dramatic cost and liability reductions.
The measures will also put the airline firmly back on the road to sustainability following a difficult 2011.
15/10/2012 : Gulf Daily News.
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