They want to offload as much as they can because the can't or are unwilling to foot the $350 million they lose per year!! Split four ways, as in the past, or two ways was OK for them since Bahrain received the vast majority of the benefit. Today, no way. Thats a lot of money by anyones standard and Bahrain may be wealthy but they are not stupid.
There have been NO changes in cost of GF and they last a bundle the last few years. In fact, if anything cost have gone up as they sit airplanes and play catch up. The last pilot raise is being paid by Mumtelekat and not on GF's books. When that moves over the loss increases again.
The rush to go private or partially private is a signal that the government wants little to do with financing the company any longer.
I agree that GF will likely always struggle along. But for the average FO, imo, it is better to leave and upgrade elsewhere. There is lots of talk about new airpanes and growth - but I'll believe it when I see it!!