Gulf Air confirmed that its owners have raised the airline's authorized share capital by an additional BD400 million ($1.1 billion).
"This is the first time the airline has been through a capital restructuring since Bahrain took ownership back in November 2007," said a Gulf Air spokesperson adding that "with the new financing Gulf Air’s share capital will be increased to BD530 million".
Gulf Air is fully owned by the Kingdom of Bahrain through Bahrain Mumtalakat Holding Company.
The airline, which flew close to 6 million passengers last year, plans to break even in 2-3 years after a loss of $502 million in 2009, according to a document seen by Reuters.

 

 

source: Reuters