GULF Air, Bahrain’s national carrier, said His Majesty King Hamad bin Isa Al Khalifa, through a Royal Decree, has allocated BD185 million ($483.42 million) to recapitalise the airline.
The allocation is in order to actively address the national carrier’s current position and secure its long term sustainability, a statement said. The funding will be used to fulfill the airline’s current debt obligations and meet its future restructuring costs.
The requirement for funding was a direct result of a series of unprecedented regional and economic factors, including a significant increase in fuel costs that Gulf Air faced, in common with other carriers around the world since 2011, the statement said.
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