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FINANCIAL NEWS
Bahrain gov’t approves further grants to aid Gulf Air
09 Oct 2012
(MENAFN) Bahrain’s government has approved in principle to grant further funds to troubled Gulf Air to help it repay its dues, Bahrain News Agency reported.
This decision came after a meeting between the government and the National Assembly reviewed the financial and administrative situation of the airline.
The government requested the Shura and Representatives Councils to pump an additional fund into the airline without disclosing the amount.
Final approval of the fund will only be determined after the airline explains how it will spend it, the official news agency said.
At the beginning of 2012, a government delegation briefed parliament and called for a restructuring of the company, which has suffered losses in the wake of political unrest in the tiny Gulf Kingdom island.
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