Air Berlin, which is 29 per cent owned by Abu Dhabi-based carrier Etihad, is cutting the number of seats it offers by 5 per cent and scrapping some of its routes as part of latest restructuring efforts to return to profits.
Dubai World has secured agreement from more than 60 per cent of its creditors to reschedule its debt repayments, a top government executive said on Thursday, just short of the two-thirds assent needed to change the existing terms.
Malaysia Airlines , the country's loss-making flag carrier, will cut 30 per cent of its workforce as part of a sweeping restructuring that will cost six billion ringgit ($1.9 billion), majority investor Khazanah Nasional said.
Dubai property developer Nakheel is repaying all of its 7.9 billion dirhams ($2.15 billion) of bank debt as much as four years ahead of schedule, the company said in a statement on Wednesday.
The final instalment of the debt was t
Dubai-based Transguard Group, is set for a major corporate restructuring as it prepares to capitalise on potential business opportunities to develop its corporate portfolio throughout the UAE and the wider Gulf region.
Jet Airways has laid out a three-year restructuring plan vowing to take tough measures to return India's No. 2 airline by market share to profit after posting its worst ever loss.
All but one of India's big airlines loses
Dubai will not have any issues in repaying all its debt maturing in 2015, and more state-linked firms are likely to repay obligations ahead of schedule, a top government official said on Tuesday.
"We will have no issues in re
Etihad Airways, the national airline of the UAE, has signalled that it is ready to continue talks on a potential investment in Italy's troubled Alitalia but it refuses to budge on tough conditions on debt restructuring and job cuts, a source
A two-day consultation is underway which marks the start of a massive restructuring process that will change the way one of Bahrain's leading training providers will operate.
Tamkeen has invited business le
Dubai World, one of the emirate's big state-owned conglomerates, has prepaid $284.5 million to creditors under its $25 billion debt restructuring plan, sources familiar with the matter said on Wednesday.
The conglomerate obtai