Many Bahrain businesses 'face bankruptcy'
Manama, May 3, 2011
Dozens of Bahraini companies and traders could go bankrupt in the aftermath of the recent crisis which gripped the kingdom, a report said.
Bahrain Chamber of Commerce and Industry (BCCI) has sounded the alarm bell, calling for an immediate official lifeline, said the report in the Gulf Daily News, our sister newspaper.
"More than 120 Bahraini firms and businessmen have complained to the chamber about their critical situation," said BCCI chief executive officer Ibrahim Allanjawi.
Hundreds of others have reportedly called the chamber, urging immediate steps to protect their business interests and find solutions so they could avert "inevitable bankruptcy".
They have complained of the stagnation of their business activities during to the unrest.
The chamber has already appealed to official authorities, calling for concerted efforts to protect Bahraini businessmen's interests.
It singled out particularly the business worst hit by the recent unrest, warning they could go bankrupt due to the economic stagnation which is affecting different trade sectors.
"We have addressed government and private parties to provide traders with facilities which may prevent them from going bankrupt," said Allanjawi.
The chamber is suggesting solutions which could potentially alleviate traders' woes at this critical economic juncture.
These include the payment of workers, bill arrears, in addition to freezing monthly rents for owners of shops.
The chamber is also lobbying banks and other financial institutions to study the possibility of putting off loan payment and other financial commitments.
It has mediated in the cordial settlement of nine business disputes out of court as part of efforts to avert any further damages to Bahraini firms. - TradeArabia News Service