MIAMI – El Al Israel Airlines (LY) controlling shareholder Eli Rozenberg has decided to inject an additional US$50m into the ailing airline. The money was part of an agreement with the Ministry of Finance, which saw Rozenberg buy a controlling 42.9% stake for US$105m in El Al’s public offering on the Tel Aviv Stock Exchange (TASE) in September.
The US$50m injection is in addition to an owner’s interest free US$10m loan that Rozenberg’s holding company Kanfei Nesharim Aviation announced. It is part of the debt that El Al is currently trying to raise with government guarantees.
As reported earlier this week read more ⇒
Source:: “Airways Magazine”