Cash-strapped El Al raises $77m in options sale
El Al said Tuesday it raised 250m shekels ($77m) in a sale of options on the Tel Aviv Stock Exchange, meeting a key condition for a state-backed loan needed to repay the flag carrier’s debts. The airline said some $50m came from controlling shareholder Eli Rozenberg, a 27-year-old student who bought the cash-strapped carrier in October, and $27m from institutional investors. El Al has reported losses for two years and racked up debt to renew its fleet. It suspended scheduled passenger flights last March at the outset of the coronavirus outbreak when Israel closed its borders to foreign citizens. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-02-17/unaligned/cash-strapped-el-al-raises-77m-in-options-sale
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Cash-strapped El Al raises $77m in options sale
El Al said Tuesday it raised 250m shekels ($77m) in a sale of options on the Tel Aviv Stock Exchange, meeting a key condition for a state-backed loan needed to repay the flag carrier’s debts. The airline said some $50m came from controlling shareholder Eli Rozenberg, a 27-year-old student who bought the cash-strapped carrier in October, and $27m from institutional investors. El Al has reported losses for two years and racked up debt to renew its fleet. It suspended scheduled passenger flights last March at the outset of the coronavirus outbreak when Israel closed its borders to foreign citizens. <br/>
