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Topics News & Markets

Struggling Gulf Air gets $80 million loan from UAE-based Mashreq to cover medium-term costs

By The Associated Press | February 12, 2012

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MANAMA, Bahrain - Bahrain's struggling national carrier Gulf Air says it has secured an $80 million loan, giving it some financial breathing room.

The state-owned airline and United Arab Emirates-based lender Mashreq said Sunday the financing will help Gulf Air "meet its medium-term working capital requirements."

Gulf Air has lost money for years, and its turnaround plans have been hampered by the past year's unrest in the Gulf island kingdom. Bahraini government officials have been considering restructuring options for the company since at least last month.

Gulf Air CEO Samer Majali said after securing the Mashreq loan that the carrier "is focused on ensuring a sustainable and financially viable future."

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