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FINANCIAL NEWS
Gulf Air receives $1b from Bahrain government
19 Oct 2010
(MENAFN) Manama-based Gulf Air announced that the government of Bahrain is pumping more than $1 billion into the struggling carrier, Reuters reported.
The airline said in a statement that the government raised the carrier’s authorized share capital by $1.06 billion.
Gulf Air said that this is the first time the airline has been through a capital restructuring since Bahrain assumed full ownership in November 2007.
The money-losing carrier’s ownership used to be shared among a consortium of Gulf states. It is now fully owned by Bahrain’s sovereign wealth fund.
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