From the Gulf Daily News, 3rd May 2002.
Setback for airline
MANAMA
Qatar and Oman have declined to pay more capital to bail out Gulf Air.
"Qatar and Oman have officially refused to grant (more) funds demanded" to help financially stricken Gulf Air, also owned by Abu Dhabi and Bahrain, an airline official said.
He said talks between Gulf Air management and Abu Dhabi were ongoing.
"Abu Dhabi has not yet spoken but it says, in principle, that it stands by the company."
According to the official, the Gulf Air board of directors "could meet next week."
Gulf Air asked the four owner states during an emergency meeting in Abu Dhabi on April 22 to increase its capital by $272.5 million (BD103m) in a bid to overcome a crisis worsened by the September 11 attacks in the US.
The government representatives then met again on April 30, but an expected announcement on the airline's fate was not forthcoming as the officials had received no directives from their governments.
http://www.gulf-daily-news.com/Artic...=22185&Sn=BNEW