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BMed ‘to receive rescue funding’
Thursday, 04 Jan, 2007
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British Airways franchise carrier BMed is to change ownership in a £30 million rescue package, according to reports.
The airline, which serves points in the Middle East and has been losing money for two years, is due to change hands with a wealthy Lebanese family injecting new capital, according to the Daily Telegraph.
The Mikati family have reportedly agreed to a £3 million bridging loan prior to a cash injection of around £27 million later this month.
The carrier serves 16 destinations from Heathrow but is reported to be on course to lose £20 million in the year to March, following £10 million losses the previous year.
BMed is to remain a UK company under the financial restructuring.
Report by Phil Davies
Phil Davies
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