Gulf Air board may okay revival plan

A crucial plan to revive Gulf Air was likely approved by the long-awaited board meeting that was concluded here last night, a company official said.

At the meeting, Gulf Air president and chief executive, James Hogan, presented an ambitious $130 million three-year turnaround plan that would see the debt-ridden national carrier of Abu Dhabi, Bahrain and Oman make profits again.

The outcome of the crucial meeting will not be officially announced before this morning. However, an official told Gulf News the management was '90 per cent sure' that the board will approve the plan.

The meeting, scheduled originally for September 14, was rescheduled twice because the owner states had requested further consultations with the management over the proposed plan.

The plan was drawn up with the help of international consultants Simat Helliesen and Eichner Inc. which had been appointed by the board earlier this year to make recommendations for restructuring and restoring the company's profitability.

Last month, current chairman of the board, Sheikh Hamdan bin Mubarak Al Nahyan said the shareholders continued their full financial support to the carrier, as an ongoing concern, which represents a major Gulf joint venture in the region, contributing to the enhancement of the overall development process, and serving the peoples of the region, through distinguished air transport services.