Gulf Air fighting for survival
The of board of Gulf Air, the national carrier of Bahrain, yesterday passed a resolution to set up three committees for the implementation of its restructuring plan.
The airline's recently appointed board led by Deputy Prime Minister and Gulf Air chairman Shaikh Khalid bin Abdulla Al Khalifa met to discuss the rapid implementation of an accelerated strategy designed to put the airline on a path towards long-term sustainability. During the meeting, the board reinforced the airline's position as the national carrier for Bahrain and gave their full support to the restructuring plans, reported our sister [Trade Arabia's] publication the Gulf Daily News.
The board stressed the importance of Gulf Air as a key national infrastructure asset, helping to maintain an independent destination status for Bahrain by providing links to key regional and global markets, playing a vital role in supporting the kingdom's economy and helping attract investment.
Recognising that some tough decisions and choices would have to be made in the short-term to ensure the long-term sustainability of the airline, the board passed a resolution to form an Executive Restructuring Committee from its members to oversee the implementation of the restructuring plan led by the airline's management.
The committee will also monitor the spending of the funding granted by His Majesty King Hamad. Also formed were the Audit Committee and Governance Committee.
"Following the issue of Decree-Law No 54 for 2012 by His Majesty on October 11, 2012, pursuant to which funds of BD185 million were allocated to the restructuring of Gulf Air, we have appointed three committees - the Executive Restructuring Committee, the Audit Committee and the Governance Committee," Shaikh Khalid said.
"The formation of these committees demonstrates our commitment to support Gulf Air and transform it into an airline that serves the people and economy of Bahrain, contributing to its growth and diversity," he added.