Live Update 
From the Liveblog of
Sunday, June 7, 2020
From the Liveblog of
Sunday, June 7, 2020
Finance Ministry announces outline for aiding national airline El Al
Add ToI as a Preferred Source on GoogleThe Finance Ministry publishes its outline for aiding national airline El Al, which is nearing collapse and has been demanding significant funding to stay afloat after being gutted by the coronavirus pandemic that has brought international travel to a near-standstill.
According to the plan, the loan the company will take — with a state guarantee on most of the sum — will total NIS 250 million ($72 million). Additionally, El Al will issue stock totaling NIS 150 million ($43 million) and the state will promise to purchase those that aren’t purchased by others.
El Al notifies the Tel Aviv stock exchange of the Finance Ministry’s offer, which still requires approval by the company, the government and the Knesset’s Finance Committee.
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