El Al reaches bailout deal with governmentChristian 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.
Bailout El Al
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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. ■