All El Al articles – Page 4
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NewsEl Al agrees $130m loan against frequent-flyer programme
Israeli flag-carrier El Al has reached a provisional agreement with insurance specialist Phoenix Group regarding a loan to the subsidiary which holds the airline’s frequent-flyer loyalty programme. Upon completion of the transaction, Phoenix will provide a loan of up to $130 million which will be repaid by 31 December 2027. ...
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NewsEl Al turns in full-year net loss of over $400m
Israeli flag-carrier El Al has posted a full-year net loss of $413 million, compared with the previous year’s loss of $531 million. El Al’s revenues reached $857 million – higher than the $623 million during the pandemic-hit 2020 but still far below the near-$2.2 billion in the year before the ...
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NewsEl Al given more time to conclude loyalty-scheme sale
Israel’s government has granted flag-carrier El Al more time to sell its frequent-flyer programme, one of the conditions of a financing package agreed with the state. El Al has also pledged not to sell its take-off and landing slots at various airports, or use them in other ways to raise ...
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NewsEl Al looks to exploit assets in order to strengthen financial position
Israeli flag-carrier El Al is looking at the possibility of using its assets to continuing strengthening its balance sheet, although it has yet to confirm whether these include its landing slots. The airline says it is examining “various outlines” and “all the options available”, working in co-operation with a number ...
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NewsEl Al board approves non-binding framework for Arkia acquisition
El Al’s board has approved a non-binding memorandum of understanding in preparation for signing an agreement to acquire fellow Israeli carrier Arkia. Under the proposed transaction El Al will acquire the entire share capital of Arkia from its shareholders, and the airline will become a wholly-owned subsidiary of the Israeli ...
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NewsEl Al sets up subsidiary to host loyalty programme
Israeli flag-carrier El Al has shifted its frequent-flyer programme to a wholly-owned subsidiary as part of its efforts to obtain financial support from the government. El Al says the activities and assets of the programme have been moved to assist the development of the business and the “recruitment of investors”. ...
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NewsEl Al reaches framework agreement with Israeli government over additional aid
Israeli flag-carrier El Al has reached an agreement in principle with the country’s government on an additional aid plan in response to the air transport crisis. The Israeli finance ministry states that the understanding follows “intensive negotiations” over the last few weeks between the parties. Its framework plan includes an ...
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NewsEl Al arm shows off automated monitor to speed turnaround times
Israeli carrier El Al’s technological investment division Cockpit Innovation is showing off an artificial intelligence tool intended to increase turnaround efficiency at airports. It will present the system – developed by one of its portfolio firms, IntellAct – at the World Aviation Festival event in London, which opens on 1 ...
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NewsEl Al’s nine-month losses top $300m
Israeli flag-carrier El Al has turned in net losses of $136 million for the third quarter, taking total losses over the first nine months to $303 million. El Al generated third-quarter revenues of $253 million, the carrier has disclosed in its latest financial statement. The carrier is still trying to ...
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NewsEl Al details loan and share issue to secure $30m in state aid
Israeli flag-carrier El Al has detailed an agreement for funding support from the government and its controlling shareholder, Kanfei Nesharim, which includes a commitment to a share offering by mid-September next year. Under the 22 November agreement Kanfei Nesharim will provide El Al with $63 million through four loans. Three ...
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NewsIsraeli government to offer additional state-aid package to airlines
Israel’s government is to offer additional financial support to the country’s troubled airlines, approving a proposal for a state aid package worth up to $44 million. The finance and transport ministries say they have jointly put forward the proposal to provide “immediate cash-flow assistance” given the “exceptional damage” inflicted on ...
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NewsIsrael’s El Al enters talks over potential acquisition of Arkia
El Al has entered discussions with fellow Israeli carrier Arkia over a possible business combination, the flag-carrier has disclosed. Under the proposed transaction El Al would acquire Arkia shares in exchange for handing its own securities to Arkia shareholders. El Al has not confirmed the size of the transaction or ...
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NewsAuction offers cockpits and parts from Lufthansa and El Al 707s
Auctioneers are offering the cockpits, engines and dozens of components from two Boeing 707-420s which were previously parked for years at Berlin Tegel and Hamburg airports. The aircraft – MSN17720 and MSN18071 – were respectively delivered originally to Lufthansa in 1960 and Israel’s El Al in 1961. Both were powered ...
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NewsEl Al faces strike over policies restricting Sun D’Or Sabbath flights
Israeli carrier El Al is facing industrial action after being accused of acting in bad faith, notably over policies restricting operation of flights during the Sabbath, a weekly period of religious observance. Trade union centre Histadrut has notified the company of a labour dispute and approved strike from 18 October. ...
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NewsRoyal Air Maroc to explore codeshare with El Al
Moroccan flag-carrier Royal Air Maroc has signed a preliminary co-operation agreement with Israel’s El Al, which will explore the possibility of codeshare services. The agreement is the latest aviation manifestation of last year’s diplomatic recognition pacts between Israel and several Arab states. RAM says the memorandum of understanding with El ...
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NewsEl Al demands $100m compensation from state over damage to its business
Israeli flag-carrier El Al is demanding compensation of $100 million from the government, to offset the effect of state decisions on the airline’s operations. “It is no secret that El Al is in the deepest crisis in its history,” the carrier says, in a communication to the finance ministry, adding ...
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NewsEl Al must sell aircraft and part of frequent-flyer programme for state aid
Israeli flag-carrier El Al has been told it must sell aircraft and a substantial portion of its frequent-flyer programme as part of the government’s conditions for receiving financial aid. The ministry of finance had indicated in August that it was prepared to offer conditional support to Israeli operators. It has ...
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NewsIsraeli finance ministry outlines loan offer to support struggling airlines
Israeli flag-carrier El Al is among airlines being offered an additional line of financial support by the country’s government, following a series of discussions with the finance ministry. The ministry states that it is taking the steps given the “prolongation” of the pandemic crisis and its “consequences for Israeli airlines”. ...
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NewsIsraeli carriers face labour dispute over perceived job threat to workforce
Israeli flag-carrier El Al has prolonged, at least until the end of September, the furlough programme for personnel, as the country’s trade union centre formally declares a dispute with the aviation industry over concerns of mass lay-offs. El Al says it has 1,165 employees affected, adding that workers will be ...
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NewsEl Al keeps final 787 delivery on hold
El Al has deferred delivery of its final Boeing 787 at least until the end of this year, as it holds discussions on financing the twinjet. Delivery of the 787-8 aircraft, which would take the Israeli airline’s 787 fleet to 16, had been scheduled for March 2020 – the point ...