Kuwait's Wataniya Airways eyes $54 million capital raise

KUWAIT: Kuwait's luxury carrier Wataniya Airways, which ceased operations last month, plans to increase capital by 15 million Dinars ($54.07 million), unidentified sources said in published remarks on Sunday.

"The negotiations currently held by the board focus on restructuring the company through increasing capital to reduce loss and re-operate on commercial basis, and not investment."

According to the sources, Wataniya's Chief Executive George Cooper submitted his resignation after several discussions with the executive management and board to resume the carrier's operations.

In March, Wataniya Airways halted its operations due to its financial situation and regional unrest.

The company reported a deeper net loss in 2010 of 14.1 million Dinars compared to 10.9 million Dinars a year earlier.