El Al’s main shareholder looks to swap debt for equity
Israeli flag-carrier El Al’s primary shareholder is seeking to conduct a debt-for-equity swap involving a loan to the airline. Kanfei Nesharim holds 39% of the El Al share capital – and 54% on a fully-diluted basis – according to the company’s Q3 financial statement. El Al says its board of directors has “received an offer” from Kanfei Nesharim which includes partial conversion to equity of loans amounting to $70m. It states that an independent board committee has been established to examine the proposal. “No agreements have been reached between the parties,” it adds. Another 41% of El Al is floated, while the Israeli government has 13% and Knafaim Holdings holds the 7% balance.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2022-12-16/unaligned/el-al2019s-main-shareholder-looks-to-swap-debt-for-equity
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El Al’s main shareholder looks to swap debt for equity
Israeli flag-carrier El Al’s primary shareholder is seeking to conduct a debt-for-equity swap involving a loan to the airline. Kanfei Nesharim holds 39% of the El Al share capital – and 54% on a fully-diluted basis – according to the company’s Q3 financial statement. El Al says its board of directors has “received an offer” from Kanfei Nesharim which includes partial conversion to equity of loans amounting to $70m. It states that an independent board committee has been established to examine the proposal. “No agreements have been reached between the parties,” it adds. Another 41% of El Al is floated, while the Israeli government has 13% and Knafaim Holdings holds the 7% balance.<br/>
