Israel weighs options for El Al including bankruptcy

Israel is considering options for El Al Airlines that include a bankruptcy filing as the coronavirus outbreak wipes out demand for travel, according to people with knowledge of the situation. Officials are also examining the scope for mergers involving El Al and Israel’s 2 other main airlines, Israir Airlines and Arkia Israeli Airlines, according to 1 person. While radical steps are under consideration, discussions centre on govt-backed loans that would come in return for an efficiency plan including job losses and salary reductions, another person said, adding that the aid could total US$500m. El Al, which was struggling for profitability even before the pandemic, has already announced job workforce cuts and furloughs. <br/>