The state will take over the national airline company until it can be sold to an investor.
El Al’s Board of Directors ruled on Sunday evening in favor of the outlay the Finance Ministry suggested to keep the airline in business during the global crisis of coronavirus and the ongoing pilots strike that halted all operations, Calcalist reported on Sunday.
The state will guarantee a $250 million loan and will purchase $150 million worth of stocks in the company, meaning it would control 61% of El Al.
The process of releasing these new stocks for the state to buy them is expected to be completed by early October.