Gulf Air: Qatar/Oman refuse new funds
 

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

Just heard that Bahrain's going to buy the whole thing.:cool:

A source? Didn't think there was anything to buy: only 'assets' are the traffic rights which AFAIK are controlled by the owner states?

AFAIK ? ? ?

AFAIK....As Far As I Know

Interesting one this now.
If Oman/Qatar are not going to invest and either Bahrain or Bahrain/Abu Dhabi continue then Oman and Qatar will want ther share holding bought; which is worth one quarter of about -380 Million!
So instead of paying in 25 million or thereabouts, they shall have to cough up almost 95 million to pay their share of the debt in order to leave!
I guess this is (one of the reasons) why GF is in so much trouble; obviously the board cannot see beyond the end of their noses or think much beyond the next few hours!

Anyhow, it's about time these two moved away as they are the biggist culprits to GF's demise.
As for traffic rights etc; so what. Maybe it's about time GF shrank back a little, consolidated and then come back with a vengance; this will be possible through one owner (Bahrain) although the airport will need sorting out if it is to operate as a proper hub. (Raymond take note!! ;) )

Thanks. Good luck.:)

Watch out for a Far Eastern influence

I heard a rumour - I guess this is the best place for it, that Singapore have offered to manage the airline, this in the same week as they sign a FF pact with Emirates

Aren't SH&E already "trying" to manage the airline? Any inside info on them? If Qatar and Oman do not pay up, will SH&E stay?

If there is any money/useful position to be made from it then I imagine SIA would love to offer a management contract to Gulf Air.

Having worked a considerable length of time with both airlines I can realisitcally say that the Flight Deck and Cabin Crew have nothing to fear should such a management contract become reality.

On the other hand there are several hundred others in what they perceive as 'safe jobs' who might wish to consider an alternative career!

So if SIA comes into manage GF we could have a situation of where one airline that doesnt know if it is rightside up, in tight turns, being directed one that doesnt know its left from its right, in the dark......!!

If you get my drift.....

Should be interesting in the near future...

Should get BA to come back in a part owner / alliance partner and call it 'Gulf Aviation'....now there is a thought?

;)

My goodness scanscan - I think you wrote that after a few at the rugby club. True however.

If they decide to liquidate the airline, how different will the company be if they hire all the 'useless' people back? The people who know their jobs are very few, and are way outnumbered by the 'useless' ones. In addition to all that, politics rules in the Arab world particularily at GF. So then what?

I can see the scenario that Scan Scan(hic!)Scan mentions as working in some parts of the world but somehow, for the political reasons mentioned above, I don't see it happening in Bahrain.

Was "Jack" still alive when the accident happened? Was it him or his son that gave the assurance that the report would be issued pronto?

gulf_slf
If you can find four Herons, four Doves, a load of surplus khaki uniforms and some boozy old pilots you will have the makings of a happy new outfit. You could call it: Gulf Aviation 2002

....and a chap called Lawrence...!

Try - Alan Bodger!

Don't think funds availability is the problem....just convincing the folks forking it over that this time will be different.....hope it is..

New CEO for GF
 

News has it that Al-Hamer is out and the new Persident and Chief Executive might be James Hogan. Can anyone from GF confirm this?