Israeli Finance Ministry meets to decide on El Al loan demands

To plan a recovery plan for the cash-strapped airline as a result of the coronavirus lockdown, the Israeli Finance Minister Moshe Kahlon met the officials from El Al Israel Airlines (ELAL.TA) on May 10.

The El Al Israel Airlines, Israel’s national airline, has been grounded as a result of the COVID-19 outbreak and has suspended passenger flights operation at least till the end of May. The El Al has sought for a state-backed loans of $400 million to help it through the crisis.

According to the Ministry, the El Al has presented a plan that includes an unknown number of layoffs.

It has heavily costed the airlines resulting in 6,000 of its workers being on unpaid leave until June 30.

Any layoffs would require approval by the Airline’s union which is yet to happen, an El Al spokesman said. Workers opposed to the layoffs plan held a protest at the time of the meeting outside the Ministry.

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