Wish i was as optomistic as you Sal-e. I have no doubt that GF will pull through this, mostly because it would really hurt Bahrains economy, employment, and last but not least, their national ego if it went under.
I would be really suprised if it ever makes much money without major changes that frankly, they just aren't willing to make. For too long it was the only show in town, and all the ones who could skimmed a little here and there, employed 5 times as many people in the office as necessary, huge inefficencies in all aspects of the operation etc etc.
Today little has changed, and i don't think that upper management has either the will or the means to sort it out. As an expat contract employee all that dosen't mean much to me (god knows i have to really try sometimes, but i try not to let if bother me). If they want to run a bloated, ineficient airline that will struggle to ever to make money then that's fine with me. In order to keep us expats coming and flying over here we need a competitive package. As long as GF provides that we will come and stay. When they no longer do that we will leave. Sure you can hire new people, eventually that costs you alot of money and the experienced pilots become harder to find for what you are paying.
At the end of the day it's the lifestyle that they can offer that keeps us around. Future potential dosen't put any money in my retirement plan, and not too many of us are willing to sit around drinking the Falcon koolaid hoping that someday it will be the glory airline of the ME again. The broom you need to make that happen would sweep much too wide a swath i think.
Here's hoping they get the parts right that need to be sorted, and soonish.