Eli Rosenberg travels to Israel to secure an LL loan


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El Al Israel Airlines Ltd (TASE: ELAL), controlling shareholder Eli Rozenberg, landed in Israel this morning on a private Arkia Airlines Ltd flight from Larnaca, after it flew to Cyprus with his entourage. It is unclear why Rosenberg did not travel to Israel from New York on one of the airline’s rescue flights. Back in Israel, Rosenberg is expected to complete the process of obtaining loans from several funding sources in addition to injecting his capital into the airline. RELATED MATERIALS Al Al has given approval for US rescue flights, Eli Rozenberg agrees to pump $ 75 million into an El Al Banks loan linking El Al to an $ 75 million injection of Rozenberg. The way has been paved for El Al to complete the financial rescue package, which began last September after the Israeli National Labor Court rejected the appeal by airline pilots to cancel the collective agreement that the Histadrut (General Union of Labor in Israel) signed on their behalf last year. The agreement includes job cuts and simplifications. Al-Al is expected to get a $ 300 million loan with government guarantees at 82.5%. At the same time, Rosenberg will pour an additional $ 75 million into the company as required by the bank and the Finance Ministry as a condition for obtaining loans and guarantees. Al Al is expected to issue a share offer with Rozenberg committed to the purchase of $ 50 million in shares. A special process is needed for this because Rozenberg’s stake in El Al will rise above 45%. Rozenberg is required to go into isolation for at least 10 days at a state-sponsored hotel, which is undergoing two negative tests for Covid-19. Kanfei Nesharim, the company in which Rozenberg holds a controlling stake in El Al, declined to comment for this report. Posted by Globes, Israel business news – en.globes.co.il – February 10, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021


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