21-Mar-2012 1:31 PM

Bahrain’s lawmakers reach agreement on restructuring for Gulf Air

Bahrain's Cabinet and Bahraini National Assembly reported reached an agreement on the restructuring and downsizing of Gulf Airaccording to Trade Arabia and Gulf Daily News reports. The plan reportedly includes cancellation of some international agreements and redundancies at the airline. It aims to cut losses at the carrier from BDH200 million (USD530 million) to BDH80-100 million in the short term. A Bahraini temporary parliamentary committee overseeing the running and future strategy of the carrier will meet this week to discuss a possible BHD634 million (USD1.76 billion) capital raising for the carrier.

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