I thinks Gulf Airs days are numbered........
A PPRuNer wrote this in another thread in this Forum. I don't think GF will be history. Ajwaa isn't the alternative other than being another emerging LCC in the Gulf if it goes ahead.
I would admit the creation of a Bahrain Air(ways) or Air Bahrain if the Bahraini government so decided to get rid of certain headaches. I won't speculate on the headaches breakdown. It's clear what any professional board & management would do to achieve immediate results.
They could also sell the GF trade mark to private investors, make some money, pay some of the debts and pay early retirement packages.