All El Al articles

  • El Al fin

    El Al in talks with ministry to push back share issue


    Israeli flag-carrier El Al is seeing to defer plans to raise additional capital through a share issue. The airline has been preparing to issue new shares or options to generate $105 million as part of a support scheme El Al’s share scheme was one of the conditions attached ...

  • Etihad El Al tails

    El Al and Etihad outline initial phase of codeshare pact


    Israeli flag-carrier El Al is to commence its codeshare pact with the United Arab Emirates’ Etihad Airways on 18 July. The two airlines are implementing the co-operation following the historic agreement reached last year centred on the establishment of diplomatic ties between Israel and several Arab states. As ...

  • El Al 787-c-El Al

    El Al to consolidate shares and raise authorised capital


    Israeli flag-carrier El Al is to seek shareholder approval for a share consolidation and an increase in the company’s authorised capital. El Al is to consolidate its 2.5 billion ordinary shares in a ratio of eight-to-one, bringing the figure down to 312.5 million. The airline will reduce the ...

  • Tus Fokker title-c-Tus Airways

    El Al shareholder to take large stake in Cypriot carrier Tus Airways


    El Al shareholder Knafaim Holdings has reached a preliminary agreement to acquire a 49.9% stake in the Cypriot carrier Tus Airways. Knafaim says it has signed a letter of intent covering the acquisition with US entrepreneur Kenneth Woolley, the sole shareholder of the carrier. Under the agreement Knafaim, ...

  • David Brodet title-c-El Al and Gulf Air

    El Al chair steps down after seven months in post


    El Al chair David Brodet has resigned from his position at the Israeli flag-carrier, just a few months into his tenure. Brodet was nominated to the post last year during an overhaul of the El Al management team as a new controlling shareholder took over the airline in September ...

  • El Al 787-c-El Al

    El Al not concerned about financial impact of Gaza hostilities


    Israeli flag-carrier El Al has yet to determine the financial consequences of the armed conflict which has ignited in Gaza, but believes the impact is not material at this stage. While some foreign carriers have been cancelling flights to Tel Aviv, El Al says it has continued to offer ...

  • El Al 787 title-c-El Al

    El Al financing agreement with Israeli state clears final hurdle


    Israeli flag-carrier El Al’s financing agreement with the state has entered into effect, after the final condition – a government approval on the main points of the deal – was met. Several conditions had been outlined when the agreement was detailed in March, among them approval from the boards ...

  • El Al 737-800 title-c-Alec Wilson Creative Commons

    El Al scraps 737-800 sale-and-leaseback plan


    Israeli flag-carrier El Al has dropped plans to enter a sale-and-leaseback transaction for three Boeing 737-800s with an undisclosed foreign company. El Al had stated in April last year that it signed a memorandum of understanding covering the deal for the three aircraft, all manufactured in 2009. The ...

  • El Al 787 header

    El Al remains financially burdened after year of heavy losses


    El Al remained in a state of balance-sheet insolvency at the end of 2020, with total liabilities exceeding its total assets by $256 million. The airline’s current assets as of 31 December 2020 had fallen to $186 million from the previous end-of-year level of $486 million. But its ...

  • El Al 787-c-El Al

    El Al unveils full-year losses of more than $530m


    Israeli flag-carrier El Al has revealed the extent of the pandemic’s financial damage on the airline, turning in a full-year net loss of $531 million. El Al’s pre-tax loss reached $561 million. The airline’s revenues reached just $623 million for the year to 31 December 2020, a fall ...

  • El Al 787 title-c-El Al

    Israel sets out conditions for alternative El Al financing scheme


    Israeli flag-carrier El Al has reached a conditional agreement with the government on an alternative funding scheme, after the airline spent several months trying to negotiate a state-backed loan from local banks. El Al and its Sun D’Or airline operation have detailed the financing pact under which the Israeli ...

  • El Al 787 sky-c-El Al

    El Al sets out post-crisis earnings forecast as it nears loan deal


    El Al is projecting a $200 million improvement in its earnings in 2024, compared with the average figure achieved over 2017-19. The airline has put the forecast to investors as it seeks to raise $75 million by September 2021 as part of a financial package which would also include ...

  • El Al 787-c-El Al

    El Al seeks to raise $75m in new capital to obtain $300m loan


    Israeli flag-carrier El Al is seeking to raise around $75 million through issuing tradeable warrants, as part of a bid to obtain a state-backed loan worth about $300 million. The issue has been approved by the Israeli ministry of finance, subject to an undertaking by El Al’s controlling shareholder ...

  • El Al fin

    El Al considers further capital raise to obtain loan


    Israeli flag-carrier El Al is considering raising further capital as part of its efforts to secure loan financing. The airline says it is “examining the possibility” of raising capital to “strengthen” the company’s equity position. El Al says this reinforced equity is a condition of the Israeli ministry ...

  • El Al fin

    El Al remains in limbo as Israeli government curbs air travel


    Israeli flag-carrier El Al has prolonged the furlough of close to 5,000 personnel at least until the end of February, as the government imposes restrictions on air services. El Al says it has “decided to extend” the unpaid leave of employees until 28 February, putting the figure at 4,864 ...

  • Yitzhak Eliav-c-CFO Forum YouTube

    El Al names former Avgol executive as new finance chief


    Israeli flag-carrier El Al has named Yitzhak Eliav as its new chief financial officer, following the departure of Dganit Palti last year. He took up the post on 4 January, the airline states. Eliav was formerly the head of finance and vice-president of operations at Avgol Industries, a ...

  • El Al 737-900ER

    El Al increases authorised share capital


    Shareholders of Israeli flag-carrier El Al have approved an increase in the company’s authorised share capital amounting to 1 billion shekels ($306 million). The increase takes the overall authorised capital to just over 2.5 billion, inclusive of the single special state share held by the Israeli government. Shareholders ...

  • Gulf Air-c-Gulf Air

    Gulf Air to open Tel Aviv link and explore El Al codeshare


    Bahraini carrier Gulf Air is to open scheduled to services to the Israeli hub at Tel Aviv, in a further air transport tie-up between the states following normalisation of diplomatic relations. Gulf Air is also set to explore codeshare opportunities with Israeli flag-carrier El Al under a comprehensive memorandum ...

  • El Al line-up

    El Al persuades ministry to advance security expenses


    Israeli flag-carrier El Al has been granted a degree of financial relief after the government agreed to provide advance payment to the airline for expenditure on security services. El Al says the ministry of finance has agreed to the request for advance payment of $15 million for security expenses ...

  • El Al 787

    El Al obtains further deferral for final 787 delivery


    Israeli flag-carrier El Al has obtained an agreement to extend the period for taking delivery of its final Boeing 787, pushing the date back to the end of March next year. The airline has 15 787s in its fleet and had already been granted a delivery deferral for the ...