El Al chairman: Without immediate aid, airline 'likely to close'

El Al is "likely to close" if the government does not provide financial assistance within the coming days, El Al chairman Eli Defes warned Monday.<br/>Addressing the Knesset's special committee on dealing with the coronavirus, Defes said the company had presented requests to the Finance Ministry worth a total of $350m, in addition to an organizational efficiency plan. "El Al entered the crisis before all the other companies, and its $200m. revenue cycle stopped entirely," said Defes. "El Al is spread out over 30 locations worldwide. If we do not receive immediate help, within the next few days, El Al is likely to close." Negotiations have been ongoing between the Finance Ministry and Israeli airlines for approximately two months, Finance Ministry economist Eli Morgenstern told the Knesset committee. While airlines Israir and Arkia meet the criteria to receive assistance from the government's loan fund for large companies, the scope of El Al's operations requires separate negotiations to receive aid. Morgenstern insisted that a rescue package must include both government-guaranteed and bank-guaranteed loans.<br/>