Israel's El Al to hold share offering on Wednesday
El Al filed to hold a government-mandated 505m shekel ($148m) share offering on Wednesday that will enable it to receive a state bailout package. El Al has been hit hard by the coronavirus outbreak and the government has for months offered to intervene to help it avoid bankruptcy. It has reported losses for two years running, racked up debt to renew its fleet and suspended flights when Israel closed its borders and furloughed most of its employees. In a prospectus filed with the Tel Aviv Stock Exchange on Tuesday, El Al said it will issue 753.35m new shares, with Israel’s government intending to buy 393.75m. This will put the airline under government control until a buyer for its stake is found. After the offering, El Al -- controlled by Knafaim Holdings -- will receive a $250m bank loan that will be 75% backed by the state.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-09-16/unaligned/israels-el-al-to-hold-share-offering-on-wednesday
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Israel's El Al to hold share offering on Wednesday
El Al filed to hold a government-mandated 505m shekel ($148m) share offering on Wednesday that will enable it to receive a state bailout package. El Al has been hit hard by the coronavirus outbreak and the government has for months offered to intervene to help it avoid bankruptcy. It has reported losses for two years running, racked up debt to renew its fleet and suspended flights when Israel closed its borders and furloughed most of its employees. In a prospectus filed with the Tel Aviv Stock Exchange on Tuesday, El Al said it will issue 753.35m new shares, with Israel’s government intending to buy 393.75m. This will put the airline under government control until a buyer for its stake is found. After the offering, El Al -- controlled by Knafaim Holdings -- will receive a $250m bank loan that will be 75% backed by the state.<br/>
