Here is another interesting article from Haaretz which delves into more detail and speculation as to the outcome of the FIMI involvement with EL AL.

http://www.haaretz.com/business/new-...emium-1.501157

The article highlights the following:
The letter of understanding leaves not a trace of doubt that this is the heart and soul of the deal: "The company will sign a new collective agreement with its workers on terms satisfactory to FIMI, at its sole discretion."

So, essentially this is not a done deal. It looks like union leaders Chaim Katz and Captain Nir Tzuk will put up a stiff resistance, so much so that Davidi may pull out if Borovich is not able to get a decent collective agreement.

Which brings me back to my position. At this point in the game, I believe it would be much cheaper to let the company go bankrupt and reconstitute it free from its labor contracts, debt burden, bloated management, and inefficient aircraft. I think that $60 million would be better spent that way rather than paying a 38% premium to acquire Borovich's shares; assuming FIMI actually goes through with the deal.