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FINANCIAL NEWS
Bahrain’s Gulf Air gets USD80m facility
13 Feb 2012
(MENAFN) Bahrain’s ailing carrier Gulf Air has secured a USD80 million facility from a Dubai-based lender to help meet its medium-term working capital requirements, Reuters reported.
The loan deal came weeks after the struggling carrier said it would shrink its operations and seek cash from government funds to sustain operations.
The airline also said it might turn to Bahrain’s sovereign wealth fund Mumtalakat, which has a stake in the carrier.
Gulf Air last May laid off 200 employees, while bookings fell by a quarter following the Arab Spring uprisings in the region.
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