Gulf Air on Monday said it would receive 185 million Bahraini dinars ($490.6 million) in new funding, welcoming the announcement of the issue of a Royal Decree by Bahraini Ruler, King Hamad Bin Eisa Al Khalifa.
The funds would be utilised to recapitalise the loss-making airline, in order to actively address its current position and secure its long-term sustainability, Gulf Air said in a statement. “The funding will be used to fulfil the airline’s current debt obligations and meet its future restructuring costs.”
It added that working together with the Government of Bahrain 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 and put the airline firmly back on the road to sustainability following a difficult 2011.
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