- Title: El Al's board agrees to government bailout, Calcalist reports
- Date: 6th July 2020
- Summary: BEN GURION AIRPORT, ISRAEL (FILE) (REUTERS) EL AL AIRPLANE LANDING VARIOUS OF PEOPLE AT TERMINAL IN FRONT OF EL AL COUNTERS MAN WEARING MASK AT AIRPORT AIRPORT GUARD WEARING MASK VARIOUS OF EL AL AIRPLANES AT AIRPORT AIRPORT
- Embargoed: 20th July 2020 16:24
- Keywords: Coronavirus El Al airlines Israel
- Location: BEN GURION AIRPORT, ISRAEL
- City: BEN GURION AIRPORT, ISRAEL
- Country: Israel
- Topics: Health/Medicine
- Reuters ID: LVA001CLO9QVB
- Aspect Ratio: 16:9
- Story Text: The board of Israel's El Al Airlines has agreed to a bailout package that will likely put the flag carrier back under state ownership, Israeli news website Calcalist reported on Monday (July 6).
El Al and controlling shareholder Knafaim Holdings have been in bailout talks with the Finance Ministry since the coronavirus crisis pushed the airline to the verge of bankruptcy.
The ministry has offered to back $250 million in bank loans but said El Al must issue $150 million in shares. The state said it would buy the shares, giving it a majority ownership, if no one else did.
Calcalist reported that after weeks of pushback from within the company, El Al's board had agreed to the deal.
A spokesman for El Al declined to comment on the report.
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