El Al pilots back Treasury nationalization plan

El Al dreamliner / Photo: Yochai Mussi

El Al pilots: There is no economic justification for rejecting the Finance Ministry plan other than protecting the controlling owners.

The pilots of El Al Israel Airlines Ltd. (TASE: ELAL) have made it clear that they back the Ministry of Finance's plan to save the airline. In an unambiguous message they said: Saving the company is only possible by diluting the owners' stake and through nationalization, with the desire being a change in ownership.

The 650 pilots said, "El Al's pilots strongly demand that the board of directors fulfil their legal obligation and accept the Ministry of Finance plan to loan it $250 million. The Ministry of Finance plan will improve the capital structure of the country more than a $400 million (bank) loan, which would only worsen the company's situation with no economic justification behind it other than protecting the controlling owners. El Al's pilots will not be reconciled with a decision that prefers the benefit of the controlling owners over the benefit of the company, its customers and its employees."

Published by Globes, Israel business news - en.globes.co.il - on June 24, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

El Al dreamliner / Photo: Yochai Mussi
El Al dreamliner / Photo: Yochai Mussi
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