Bahrain Air grounded by mounting debts
PTI: Manama, Feb 13 2013, 16:04 IST
Debt-burdened carrier Bahrain Air says it will shut down operations and sell its assets after struggling to rebound from the Gulf nation's unrest-driven downturn and to compete with bigger rivals.
The privately run airline is among the most high-profile corporate victims from Bahrain's political crisis that erupted two years ago. The uprising by majority Shiites brought a sharp economic slump, but the kingdom's Sunni rulers claim growth is returning.
All Bahrain Air flights were canceled today after the late night announcement. The five-year-old carrier, a rival to state-owned Gulf Air, also blamed the government for
restricting its activities while demanding debt payment.
The airline operated 112 regional flights a week and had 300 employees.
It also faced completion from heavyweights such as Dubai-based Emirates and Qatar Airways.
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