JERUSALEM (Reuters) – The board of Israel’s El Al Airlines
El Al and controlling shareholder Knafaim Holdings
The ministry has offered to back $250 million in bank loans but said El Al must issue $150 million in shares. The state said it would buy the shares, giving it a majority ownership, if no one else did.
Calcalist reported that after weeks of pushback from within the company, El Al’s board had agreed to the deal.
A spokesman for El Al declined to comment on the report.
(Reporting by Ari Rabinovitch; Editing by Tova Cohen)