All El Al articles – Page 7
-
NewsConcerns emerge over new El Al investor’s ownership
Israeli flag-carrier El Al’s new ownership structure has already run into problems, just a week after the share offering which resulted in a change in major shareholder. The new investor, Kanfei Nesharim, took a 43% shareholding in El Al during the share offering on 16 September. It had declared at ...
-
NewsState takes 14% of El Al as Knafaim is displaced as main shareholder
Israel’s government has taken a 14% shareholding in flag-carrier El Al, during a share offering which led to a change in its largest shareholder. Kanfei Nesharim Aviation has acquired a near-43% share of El Al after it picked up more than 585.6 million shares. Even at the minimum price for ...
-
NewsEl Al signals intention to restart limited number of flights
Israeli carrier El Al is aiming to start restoring flights this month, beginning with a gradual resumption of cargo services on its aircraft. It says the cargo flights will begin returning on 21 September. El Al is intending to follow these flights with a restoration of passenger operations from 1 ...
-
NewsEl Al details initial bids after share offer
El Al has disclosed the initial results of its share issue, through which it had intended to raise proceeds of 505 million shekels ($145 million). The issue was launched on 16 September. El Al had been offering 753.35 million shares of which the government had been lined up to take ...
-
NewsGovernment clears El Al support as Israel heads for new lockdown
Israel’s government has approved the decision to provide assistance to flag-carrier El Al, adding that its share acquisition will be conducted in a manner such that the state does not exceed a 44.9% stake in the airline. El Al is planning to issue 753.3 million shares to raise urgent funding ...
-
NewsArab-Israeli flight prospects broaden as Oman backs Bahraini diplomatic move
Oman’s government has welcomed the decision by Bahrain’s leadership to establish full normalisation of diplomatic relations with the state of Israel – potentially allowing a further expansion of Israeli-Arab air services. Bahrain is the second Arab nation within a month to reach such a decision, and the support of Oman ...
-
NewsEl Al prepares to embark on crucial funding exercise
El Al has outlined its operational position to potential investors ahead of publishing a formal offer to acquire shares in the Israeli airline as part of a 505 million shekel ($145 million) issue. The airline is planning to commence the offering on 16 September, part of a recapitalisation which will ...
-
NewsState to be inactive El Al shareholder after rights issue
Israel’s government does not intend to exercise the voting rights of shares in El Al which it plans to acquire as part of a refinancing of the troubled flag-carrier. The ministry of finance, in a 4 September communication to the carrier, has detailed its role in a share issue to ...
-
NewsEl Al said to add Dubai to wet-leased 747’s freight network
Israeli flag-carrier El Al appears set to broaden its United Arab Emirates reach through a regular cargo service to Dubai. Several Israeli media outlets are carrying a statement from El Al that a weekly link to Dubai will be added to the route network of a Boeing 747 freighter service ...
-
NewsInvestor seeks joint control of El Al with main shareholder Knafaim
Israeli flag-carrier El Al has received an offer from an investor to inject $51 million into the struggling airline in return for 190 million shares. It has been formally put to the board by entrepreneur David Sapir, who is active in the tourism business and believes there are opportunities for ...
-
NewsIsraeli-UAE air travel ties begin to crystallise after diplomatic tie-up
In a further sign of the normalisation of Israeli-United Arab Emirates relations, Etihad Airways flights have become available for sale to customers in Israel. Etihad Airways will open its services to Israeli passengers through travel and tourism specialist TAL Aviation Group, which is based in Tel Aviv. TAL has confirmed ...
-
NewsEl Al 737 arrives in Abu Dhabi after landmark flight
El Al’s landmark United Arab Emirates service from Tel Aviv has arrived at Abu Dhabi, having conducted the flight through Saudi Arabian airspace. The Boeing 737-900ER touched down on Abu Dhabi’s runway 13R at about 15:38, having departed Tel Aviv at about 11:22 – a flight time of some 3h ...
-
NewsEl Al plans to cross Saudi airspace with 737 to reach UAE
El Al’s planned inaugural flight to the United Arab Emirates is being flightplanned to transit Saudi Arabian airspace, a route which would normally be off-limits to Israeli aircraft. The intended flightpath for the Tel Aviv-Abu Dhabi flight on 31 August would cross Jordanian airspace and then enter Saudi airspace at ...
-
NewsIsraeli airport operator lists landmark El Al service to UAE
Israeli carrier El Al appears set to operate an initial service to the United Arab Emirates on 31 August, following the diplomatic agreement reached between the two sides. The Israeli and UAE governments disclosed the normalisation of diplomatic relations on 13 August, and stated that direct flights would be among ...
-
NewsEl Al granted delivery deferral for final 787
Israeli flag-carrier El Al has been granted a deferral to the end of November for delivery of its final Boeing 787, after the air transport crisis interrupted its fleet renewal schedule. It has signed agreements for a $122 million financing of the 787-8 in February – based on a JOLCO ...
-
NewsEl Al loss quadruples over first half
Israeli flag-carrier El Al’s first-half pre-tax loss has nearly quadrupled, to $270 million, compared with last year’s interim figure. El Al also posted a net loss of $244 million in contrast with the previous half-year deficit of $55 million. Its revenues for the six months to 30 June halved to ...
-
NewsEl Al chairman resigns for medical reasons
Israeli flag-carrier El Al’s chairman, Eli Defes, has stepped down from his post for medical reasons. El Al states that his decision is effective immediately. Defes took up the position of chairman at the beginning of June 2017, having been a director of the airline since November 2015. The carrier ...
-
NewsIsrael-UAE to talk direct flights but airspace issues remain
Normalisation of diplomatic relations between Israel and the United Arab Emirates opens the possibility of flights between the two countries – although a timeframe has yet to emerge and other complexities remain unresolved. The UAE and Israeli governments have jointly stated that tourism and “direct flights” will be among the ...
-
NewsEl Al seeks approval to raise capital as pilots object to cost-saving pact
El Al has called a shareholders’ meeting for 18 August in order to seek approval to raise the company’s registered share capital. The Israeli flag-carrier is planning to raise $400 million through a $150 million share issue and a state-backed staggered $250 million loan. El Al says that, in order ...
-
NewsEl Al must issue shares before state will back loan
Israeli flag-carrier El Al must carry out a planned $150 million share issue by the end of August, before the country’s government will back a $250 million bank loan. The conditions have been outlined in a 22 July letter from the ministry of finance. El Al opted in early July ...