All El Al articles – Page 8
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NewsInvestor offers $75m for 45% share in struggling El Al
Israeli flag-carrier El Al has received an offer from an investor who is prepared to acquire a private allotment of shares worth $75 million. The offer has come from an individual which the law firm Shibolet identifies, in a 20 July letter to the airline, as businessman Eli Rozenberg. This ...
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NewsEl Al pilots absent as negotiators reach cockpit savings agreement
Israeli trade union centre Histadrut has reached a new efficiency agreement covering flag-carrier El Al’s pilots, although the pact has been arranged without the pilots’ representatives. Histadrut states that the agreement, reached on 15 July after discussions with the transport workers’ union, will enable the carrier to save $105 million ...
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NewsEl Al faces class-action suit alleging unpaid ticket refunds
Israeli flag-carrier El Al is facing a lawsuit over allegations that it failed to reimburse customers for cancelled flights, and did not inform the public about their right to receive a refund. The class-action suit has been brought before a district court by all passengers who were due to fly ...
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NewsEl Al to slash workforce as part of rescue package agreements
Israeli flag-carrier El Al is set to shed 1,700 positions across three divisions as part of a restructuring programme. The airline says it has reached new collective agreements with its maintenance and administrative sectors. Chief executive Gonen Usishkin says the arrangement is “another step on the road to El Al’s ...
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NewsEl Al could be renationalised as it opts for share issue
Israeli flag-carrier El Al has given up pursuing a $400 million state-backed loan and opted for an alternative fundraising package which could result in the airline being renationalised. El Al’s board has chosen a $250 million bank loan, which would have a state guarantee, alongside a $150 million share issue, ...
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NewsPilot stand-off piles more pressure on El Al
Israeli carrier El Al is putting another 400 personnel on furlough after the carrier’s pilots chose not to operate a number of the airline’s services. The airline had been operating a limited number of passenger and cargo services from Israel, although its scheduled passenger flights had been suspended until 31 ...
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NewsEl Al reiterates concerns over survival as losses mount
Israeli flag-carrier El Al has reiterated that a financial support scheme is critical to the airline’s survival, as it disclosed a net first-quarter loss of nearly $140 million. El Al says financial assistance is “essential” to its being able to deal with the coronavirus crisis. At the end of the ...
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NewsEl Al wrestles with ministry over proposed financial support
Israeli flag-carrier El Al has put forward amendments to a proposed funding mechanism for the troubled airline, but insists the government has not rejected its basic propositions. El Al had been trying to negotiate a $400 million loan while the finance ministry had countered with an alternative, through which the ...
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NewsGovernment offers to buy El Al shares under revised funding scheme
Israel’s government has pledged to acquire shares in El Al if necessary, under a revised scheme to provide additional liquidity to the flag-carrier. El Al has been negotiating a $400 million loan with a state-backed guarantee, but the discussions have yet to be finalised. The Israeli finance ministry has outlined ...
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Airline BusinessMiddle East carriers aim to get back on track
Much of the attention on airlines in the Middle East during the coronavirus crisis has focused on the big three Gulf operators and the struggles of Israeli carrier El Al.
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NewsOutbreak interrupts El Al 747-400 powerplant sale
El Al is renegotiating the sale of a batch of Boeing 747-400 engines after the economic impact of the coronavirus outbreak interrupted the original agreement. The Israeli flag-carrier withdrew its 747-400 fleet from service last year. All the aircraft were fitted with Pratt & Whitney PW4056 engines. It reached an ...
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NewsEl Al awaiting final 787 as it cancels 737 leases
Israeli flag-carrier El Al has yet to take delivery of its final Boeing 787, while the airline shuffles its current fleet as part of efforts to reduce cash burn. The carrier’s rejig includes cancelling a lease for two more Boeing 737-800s, it has disclosed in a newly-released full-year financial statement. ...
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NewsEl Al still discussing loan with carrier's survival at stake
Israeli flag-carrier El Al has warned that the survival of the airline is uncertain as it seeks to secure urgent funding to cope with the coronavirus crisis. In its belated full-year financial statement, El Al says a loan is “essential” and that the are “significant doubts” about the continued existence ...
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NewsEl Al in line for conditional support from government
Israeli flag-carrier El Al has received a preliminary indication that the government is prepared to provide support to the airline but with conditions attached. El Al had been in talks over a commercial loan with state-backed guarantee, after being turned down for an assistance package from the ministry of finance. ...
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NewsEl Al sells three 737-800s to ease financial pressure
Israeli flag-carrier El Al has reached a sale-and-leaseback agreement with an unidentified foreign company covering three Boeing 737-800s. The airline, which has been seeking to shore up its finances, says it signed a memorandum of understanding for the transaction on 23 April. El Al has not identified the specific airframes ...
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NewsEl Al in talks for bank loan backed by government
El Al has entered discussions with an Israeli bank for a loan which would be partly backed by a state guarantee, in an effort to prop up its financial position. The Israeli flag-carrier had previously sought an assistance package from the ministry of finance but was turned down. While El ...
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NewsEl Al bailout request rejected by Israeli finance ministry
Israel’s finance ministry has rejected El Al’s request for state aid, prompting the airline to appeal directly to the country’s prime minister for help.
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NewsEl Al awaits state funding decision after halting passenger flights
Israeli flag-carrier El Al has opted to suspend all remaining passenger flights, as it awaits potential government financial support. El Al says the suspension, on 26 March, will continue until 4 April. It will continue to provide rescue and repatriation services as well as freight flights, some of which will ...
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NewsEl Al puts most personnel on two months' leave
Israeli flag-carrier El Al has put 5,500 personnel on unpaid leave until the end of May, following the cuts to its network in the face of the coronavirus crisis. El Al employs some 6,350 staff overall. It has been holding talks with the Israeli ministry of finance regarding government support ...
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NewsIndustrial dispute notice heaps pressure on El Al
Israeli flag-carrier El Al is facing industrial action from its personnel towards the end of this month, heaping pressure on the airline as it battles to deal with the coronavirus impact. The airline says it received, on 12 March, formal notification of a labour dispute and possible strike from 27 ...