Gulf Air confirmed the Bahraini Government plans to invest more than USD1 billion in fresh capital into the loss-making carrier to improve its balance sheet and facilitate its restructure (AP/Reuters/Trade Arabia/Manama, 19-Oct-2010). The government raised the carrier's authorised share capital in the carrier by an additional SAR400 million (USD1.06 billion) for a total capital of SAR530 million and described the move as the airline's first "capital restructuring" since Bahrain assumed full ownership in Nov-2007. The company expects to use the additional funds for ongoing restructuring costs. Gulf Air reportedly plans to break even in two to three years after making a loss of USD502 million in 2009. Gulf Air is fully owned by the Kingdom of Bahrain through Bahrain Mumtalakat Holding Company.
Bahrain to inject USD1bn in fresh funding into Gulf Air
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