All Israir articles
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NewsIsrair Group prepares for expansion as it turns in first-half profit
Israir Group is citing higher demand, expansion of its network and implementation of technological changes for an improvement in its first-half results. The Israeli company generated a pre-tax profit of $7.2 million for the six months to 30 June. Israir Group has disclosed revenues of $198 million, up from the ...
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NewsIsraeli operator Israir to introduce another pair of A320s
Israir Group’s board has approved the introduction of another pair of Airbus A320s to develop the Israeli operator’s fleet. The two aircraft will be dry-leased and arrive in 2024, according to the company, if an agreement is finalised. Israir Group says the decision is part of a management plan to ...
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NewsIsrair Group agrees six-month extension to Smartwings negotiations
Israeli operator Israir Group has agreed a six-month extension to the deadline for completing negotiations over its proposed acquisition of Czech carrier Smartwings. Israir Group says the 180-day extension – which commences on 4 August – has been agreed with Smartwings shareholders. The negotiations between the parties concern particular aspects ...
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NewsIsrair pays deposit to advance Smartwings acquisition talks
Israir Group has paid a €500,000 ($544,000) deposit in favour of Chinese firm CITIC Group, as part of the Israeli operator’s negotiations to take over Czech airline Smartwings. CITIC is linked to the Chinese economics ministry and holds just over 49.9% of Smartwings. Israir Group has been negotiating with Smartwings’ ...
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NewsIsrair granted extension to Smartwings talks with Chinese investors
Israeli leisure operator Israir Group has been granted an extension to complete negotiations with Chinese interests regarding its proposed acquisition of Czech carrier Smartwings. Israir Group says the extension will run to 3 July. Aspects of the discussions include the deposit of €500,000 ($547,000) in favour of CITIC Group, which ...
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NewsIsrair to submit Smartwings transaction proposal to Chinese shareholder
Israir Group has outlined the requirements to bid for the Chinese shareholding of Czech carrier Smartwings, of which the Israeli leisure company is pursuing an acquisition. China’s economics ministry, through CITIC Group, holds 49.92% of Smartwings while the 50.08% balance is owned by entities controlled by investors Roman Vik and ...
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NewsIsrair Group records strong surge in first-quarter revenues
Israeli leisure operator Israir Group is attributing a strong first-quarter performance to increased demand and the expansion of its Airbus fleet. The company’s revenues in the three months to 31 March – totalling $94 million – amounted to a two-thirds increase on last year’s figure, and double the level of ...
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NewsIsrair claims ‘positive’ signs from Smartwings shareholders
Israeli operator Israir Group has received a “positive indication” from shareholders in Smartwings regarding its proposal to take over the Czech airline. Israir Group has been pursuing an acquisition of Smartwings for several months and is trying to seal a binding agreement for the carrier. Its proposal has centred on ...
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NewsIsrair holding ‘intensive’ talks over Smartwings acquisition
Israeli leisure operator Israir Group states that it is conducting “intensive negotiations” with Czech carrier Smartwings’ owners, in order to reach agreement to acquire the airline. Although the company says the tender process has advanced, it reiterates that it might not be the only contender and “does not know” whether ...
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NewsIsrair completes sale of ATR 72-500s
Israeli leisure operator Israir Group has completed the sale of a pair of ATR 72-500 turboprops whose phase-out was part of the company’s fleet-simplification plans. The company had previously disclosed, at the end of last year, that it had reached a binding agreement with a buyer for the aircraft. It ...
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NewsIsrair Group awaiting progress update on Smartwings bid
Israeli leisure operator Israir Group is expecting to learn more about the status of its bid for Czech carrier Smartwings in the second half of January. Israir Group submitted a formal proposal to acquire Smartwings last year. It has yet to confirm whether its offer – which included a takeover ...
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NewsIsrair reaches binding deal to sell ATRs to foreign carrier
Israeli operator Israir has signed a binding agreement to sell a pair of ATR 72-500s, which will leave it with an all-Airbus A320 fleet. The carrier says it sealed the agreement on 29 December, adding that they will be transferred to a “foreign airline”, without elaborating on its identity. Israir ...
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NewsIsrair details updated bid for Smartwings
Israeli carrier Israir has detailed its binding offer for Czech operator Smartwings, but has yet to discover whether it will be successful. Israir says the transaction, if accepted, would be valued at €44 million which includes €8 million for the entire share capital of Smartwings. Another €12 million would be ...
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NewsIsraeli state takes Israir convertible bonds in exchange for financial aid
Israel’s government is to provide financial assistance to operator Israir Group in exchange for convertible bonds. The ministry of finance has agreed to provide 33 million shekels ($9.4 million) to the company’s aviation and tourism division. It will provide the funding in US dollars, and receive convertible bonds as collateral ...
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NewsIsrair unifying its fleet around A320s after agreeing to sell ATR 72s
Israeli leisure operator Israir has tentatively agreed to sell its pair of ATR 72-500 turboprops, in order to simplify its fleet. Israir intends to unify its fleet based on Airbus A320s. It has six A320s – two owned and four dry-leased – and intends to add a seventh in the ...
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NewsIsraeli carrier Israir lines up bid for Czech operator Smartwings
Israeli leisure carrier Israir has identified Czech budget operator Smartwings as the target of a takeover offer. Israir, which was acquired by an investment firm last year, had disclosed earlier this year that it was participating in a private process with a view to acquiring the entire share capital of ...
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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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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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NewsControl of leisure carrier Israir finally handed to new owner BGI
Israeli leisure carrier Israir’s trustee has disclosed that the sale of the airline to new owners BGI Investments has been completed, after a long competitive bidding process. The trustee has informed a Tel Aviv court that, following approval of the BGI bid on 1 January, the sale was completed ...