Monday, Feb 04, 2013
BEIRUT (Zawya Dow Jones)--Bahrain Air shareholders are ready to inject 8 million Bahraini dinars ($21.22 million) into the carrier this year to help it overcome its financial troubles, Manama-based Al Wasat daily reports Monday, citing an executive.
The investment is conditional on reaching an agreement with the Bahraini government regarding the rescheduling of Bahrain Air's debt which is not substantial, Ibrahim Al Hamer, the managing director of the privately-owned airline, told the newspaper.
Bahrain Air has submitted a request for rescheduling the debt due to the government, he told Al Wasat. Mr. Hamer added he hopes an agreement would be reached within days.
Bahrain-based BMI Bank said in November that it has been appointed by the carrier as adviser and arranger for its planned capital increase which aims to fund its future expansion.
Newspaper website: http://www.alwasatnews.com/3803/news/read/735341/1.html
Write to Beirut Bureau at djnews.dubai@dowjones.com
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(END) Dow Jones Newswires
04-02-13 0816GMT
