Israeli carrier El Al plans $105m share issue to meet bailout condition

El Al Israel Airlines said on Wednesday it plans to raise at least $105m through an offering of shares, options or both to meet a key condition to receive a government bailout package. Israel’s flag carrier said in a regulatory filing in Tel Aviv that the offering would be held by the end of July, though it added that not all conditions in the bailout arrangement had been met, including a final government approval. It said it had signed a collective bargaining agreement with its labour unions for state-mandated job reductions. Israel’s government agreed to a $210m bailout of El Al, which changed hands in late 2020 and was forced to slash one-third of its staff, or 2,000 workers, and other costs. The state also required new owner Eli Rozenberg to inject more cash into the airline. Under the aid plan, the government will buy $210m-worth of flight tickets in advance at El Al and its low fare subsidiary Sun Dor. The bailout is contingent upon El Al issuing capital of $105 million.<br/>