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From the Liveblog of
Thursday, April 16, 2020
From the Liveblog of
Thursday, April 16, 2020
El Al warns it will go bankrupt if government doesn’t help with $350 million loan
Add ToI as a Preferred Source on GoogleEl Al airlines says it is at the risk of shutting down if the government does not help with granting it a $350 million loan to weather the coronavirus pandemic.
The company, Israel’s flagship carrier, is facing financial ruin as the disease outbreak, and government containment measures, have largely grounded international travel and completely halted travel into Israel.
Ninety-five percent of the airline’s 6,500 employees are currently not working, with around a thousand having been laid off and the rest on unpaid leave.
Earlier this month, the Finance Ministry rejected the El Al’s request for a state loan of $350 million. The company is now in negotiations for the state to cover a majority of the amount with banks making up the rest.
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