Eli Rozenberg agrees to pump $ 75 million into El Al

Al Al Israel Airlines Ltd (TASE: ELAL), controlling shareholder Eli Rozenberg, is not fazed by demands by banks to inject $ 75 million into the airline before making loans. Kanfei Nasharim, the holding company through which Rosenberg controls El Al, told Globus that he will do whatever is required to ensure a secure future for El Al. Rosenberg strongly believes in this investment, despite the company having to deal with a difficult global aviation crisis and a third shutdown that has resulted in outright conflict in its operations. Related, Al Al Sun D’Or unit suspended flights on Saturday El Al delivered Lifeline $ 25 million, struggles to obtain a loan Avigal Sorek appointed LL CEO Announces a loss of $ 147 million in the third quarter Rosenberg, 27 A resident of Jerusalem is the son of American businessman Kenny Rosenberg. “Rosenberg has invested $ 108 million in L and has provided a loan of $ 10 million and is committed to pumping tens of millions of dollars more. Today, El Al has more committed owners and professional management. And a board of directors with rich experience. “Last September, as part of the rescue package put in place by the Ministry of Finance due to the Covid-19 crisis, which has now disrupted the airline’s operations for nearly a year, El Al raised 505 million shekels on the Tel Aviv Stock Exchange (TASE). Rosenberg acquired a 42.8% controlling stake. % For NIS 364 million, while the state bought a 14% stake and former controlling shareholder Tammy Moses – Borovitz was left with a 15% stake.In the next phase of the rescue package, El Al was supposed to collect $ 250 million in debt from banks and institutional investors With government guarantees of 75% of the amount. But as happened in the Covid-19 crisis after a long time, the Finance Ministry agreed that it would guarantee 82.5% of the loans up to $ 300 million. Now Rosenberg has to buy more shares that will be issued. El Al’s first issuance prospectus for a share increase by the Israel Securities Authority because a special offer is needed to make the purchase if the controlling shareholder wants to own a stake of more than 45% .Last month, Rosenberg injected a $ 10 million owner loan into the company and the Ministry paid Finance for Al Al $ 15 million for aircraft security during 2021. Banks and the Ministry of Finance realized that a $ 300 million loan would not be enough to cover the company’s expenses, hence the demand for Rosenberg to pump more capital, but the taller Ben-Gurion Airport remains closed. Not be enough Posted by Globes, Israel business news – en.globes.co.il – February 7, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021