From the Liveblog of
Monday, May 11, 2020
Treasury approves $400 million El Al loan guarantees
Add ToI as a Preferred Source on GoogleEl Al notifies the Tel Aviv Stock Exchange that the Finance Ministry has approved $400 million in loan guarantees for the national carrier, which has been forced to suspend all commercial passenger flights due to the coronavirus pandemic.
El Al says it was notified by the Finance Ministry last night that it would agree to provide the guarantees subject to certain conditions, but the company says that it has yet to receive an official letter stipulating the conditions of the guarantees.
El Al says it will study the conditions and report on them as required.
According to Hebrew media, the conditions are likely to include personnel cuts, wage reductions, selling off a number of planes and providing participating shares to the state, as well as scrapping free flight benefits for employees and their families.
The Times of Israel Community.