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Decision on Gulf Air funding and restructure expected after 14-Oct-2012

11-Oct-2012 3:46 PM

Gulf Air CEO Samer Majali said a final decision on funding and a restructuring plan for the airline is expected within weeks of the next sitting of Bahrain's National Assembly on 14-Oct-2012. Mr Majali, as quoted by Trade Arabia News Service, said the airline's operations would continue as usual until a formal decision is announced. The Government's plan for the airline may include BHD185 million (USD490.6 million) in funding, conditional on the carrier reducing losses from BHD95 million (USD251.9 million) to BHD58 million (USD153.8 million) by 2017, a process that may involve reducing the fleet by 19 aircraft to 20, reducing its network to 31 routes and reducing its workforce by 50%.