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El Al reaches bailout deal with government

Christian Fernsby ▼ | July 6, 2020
Israeli airline El Al said Monday it had reached a bailout deal with the Israeli government that could lead to its nationalization after being crippled by the coronavirus pandemic.
El Al
Bailout   El Al
The airline had been in talks on a rescue package for weeks after suffering from the steep decline in air travel sparked by the virus. Since the outbreak, it has suspended passenger flights indefinitely and carried out scores of layoffs.[break]

Topics: El Al


Under the deal, the company will receive loans of $250 million, most of which will be guaranteed by the state. The company is expected to raise an additional $150 million by selling shares that, if they aren’t sold entirely to the public, will be bought by the state. The agreement awaits approval by a parliamentary committee.


 

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