El Al pilots back Treasury nationalization plan

The pilots of El Al have made it clear that they back the Ministry of Finance's plan to save the airline. In an unambiguous message they said: Saving the company is only possible by diluting the owners' stake and through nationalization, with the desire being a change in ownership. The 650 pilots said, "El Al's pilots strongly demand that the board of directors fulfil their legal obligation and accept the Ministry of Finance plan to loan it $250m. The Ministry of Finance plan will improve the capital structure of the country more than a $400m (bank) loan, which would only worsen the company's situation with no economic justification behind it other than protecting the controlling owners. El Al's pilots will not be reconciled with a decision that prefers the benefit of the controlling owners over the benefit of the company, its customers and its employees."<br/>