22 April, 2020

El Al needing government backed loan to survive.

The Israeli airline EL AL is in desperate need of a loan that is backed by the government in order to serve the economic downturn caused by the ongoing coronavirus COVID-19 crisis.

It is understood the airline is in deep and advanced negotiations with a leading bank in Israel for a loan that will be backed in part by the government.  The airline needs between $200 and $300 million to recover from the current situation and reemploy the 5,500 or so of the airlines 6,000 staff have been on unpaid leave since EL AL ground al but a few of its aircraft.  

Following a further assessment, EL AL has decided to extend the suspension of its flights until 9 May 2020 (Sun d'Or flights - until 31.5.2020).

From 10 May 2020 until 30 May 2020, EL AL is planning to operate flights to/from New York, Toronto, Los Angeles, Hong Kong, Bangkok, Johannesburg, London, and Paris. The schedule will be updated on the systems and are subject to change. During this period flights to additional destinations may be added as required.

The Company will continue to operate rescue flights and will continue to operate cargo flights. In addition, EL AL will operate essential flights as required.

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