All El Al articles – Page 5
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NewsEl 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 nominal value ...
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NewsEl 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, through its ...
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NewsEl 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 2020. ...
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NewsEl 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 an ...
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NewsEl 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 of ...
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NewsEl 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 airline has ...
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AnalysisEl 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 current liabilities ...
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AnalysisEl 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 of 71%, ...
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NewsIsrael 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 state ...
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NewsEl 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 a ...
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NewsEl 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 to ...
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NewsEl 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 of finance ...
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NewsEl 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 staff. ...
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NewsEl 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 specialist manufacturer ...
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NewsEl 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 approved the ...
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NewsGulf 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 of ...
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NewsEl 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 over ...
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NewsEl 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 last ...
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NewsEl Al names Nashville energy firm director as new chief executive
Israeli flag-carrier El Al has named Avigal Soreq as its new chief executive, succeeding Gonen Usishkin who will step down at the end of January next year. Soreq is the chief operating officer of Delek US Holdings, an energy firm based just south of Nashville, Tennessee, and specialising in assets ...
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NewsEl Al survival remains in balance as losses top $400m
Israeli flag-carrier El Al has unveiled a pre-tax loss of $148 million for the third quarter alone, after revenues for the period sank by 94% to less than $40 million. El Al’s performance under the weight of the pandemic crisis brings its overall pre-tax losses for the first nine months ...