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News / Bailout plan for Gulf Air rejected
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Thursday, 17 May 2012 08:04

Bailout plan for Gulf Air rejected

Now Bahrain’s upper house considers $1.75 billion bailout

The lower house of Bahrain’s National Assembly has rejected a $1.75 billion bailout plan for the country’s loss-making national carrier Gulf Air. Now it must wait as a discussion on the plan takes place in the upper house. The airline’s executives expressed disappointment at the rejection, but “look forward to a resolution that will actively address GF’s current position and secure its long-term sustainability.”
Gulf Air has been struggling to remain visible in recent years as former partners in Abu Dhabi, Qatar and Oman have pulled out over the last two decades to establish their own airlines. More recently, the effects of the Arab Spring – especially in Bahrain itself – and rising fuel costs have compounded its problems.
ATW
[photo courtesy Gulf Air]

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