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Wed Jul 8, 2020, 05:50 PM

Israeli airline El Al reaches bailout deal with government

Israeli airline El Al said Monday it had reached a bailout deal with the Israeli government that could lead to its nationalization after being crippled by the coronavirus pandemic.

The airline had been in talks on a rescue package for weeks after suffering from the steep decline in air travel sparked by the virus. Since the outbreak, it has suspended passenger flights indefinitely and carried out scores of layoffs.

Under the deal, the company will receive loans of $250 million, most of which will be guaranteed by the state.

The company is expected to raise an additional $150 million by selling shares that, if they arenít sold entirely to the public, will be bought by the state. The agreement awaits approval by a parliamentary committee.

At: https://apnews.com/b7a8c58380443f9a6e3d2d3f6d9792eb



El Al's Tel Aviv headquarters.

The flagship Israeli airline reached a bailout deal that could include its return to state ownership for the first time since its 2004 privatization.

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