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End Game
It appears to me as a bystander, that the pilots union is confident in a government rescue for political reasons, and therefore are playing tough - planning to get through the crisis without any major concessions.
Of course even in the more radical scenario of bankruptcy and restructuring, many of the pilots would probably be rehired.... |
Originally Posted by sabbasolo
(Post 32507618)
Of course even in the more radical scenario of bankruptcy and restructuring, many of the pilots would probably be rehired....
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I hope the gov't wipes out the current shareholders, ElAl can be reborn without the excess baggage.
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Originally Posted by entropy
(Post 32508490)
I hope the gov't wipes out the current shareholders, ElAl can be reborn without the excess baggage.
Those passengers had it right. They wants get 2 free checked bags, not one bag. Not wanting charge a seats, checked bags fees, and else. |
Posted a few minutes ago.
El Al accepts $400m bailout, with airline likely to be nationalized Carrier battered by pandemic to receive $250 million government-backed loan and $150 million share offering, with state buying unsold shares By TOI STAFF Today, 7:27 pm - July 6 2020 Details: https://www.timesofisrael.com/el-al-...-nationalized/ Jerusalem Post article El Al to be nationalized, state to purchase $150 mil worth of stocks The state will take over the national airline company until it can be sold to an investor. By JERUSALEM POST STAFF JULY 6, 2020 19:29 https://www.jpost.com/israel-news/el...-stocks-634061 |
Why can't airlines (heh, or any major company in Israel ) be owned by public markets; its always some 'investor' ...
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Originally Posted by entropy
(Post 32512041)
Why can't airlines (heh, or any major company in Israel ) be owned by public markets; its always some 'investor' ...
According to Globes (Hebrew - the English version of the article does not mention this), a wealthy Israeli businessman and philanthropist is interested in buying the company motivated by Zionism and love of having an airline which displays Israeli flag on the tails its airplanes. ETA: Just found substantially the same information in the English edition of HaAretz. But while the two sides wrestle, a third option is emerging under the leadership of Reem Aminoach, an accountant and reserve army colonel. Aminoach is representing a wealthy Israeli family that wants to buy Israel’s flag carrier. The unnamed family doesn’t expect to make money from El Al – the global airline industry is facing a long period of depressed air travel and bankruptcies. *** Most importantly, the family is prepared to inject into El Al money equal to twice what it pays to buy it. It is not requiring that the current controlling shareholders reach a deal with the treasury over a rescue plan. Nor is it requiring the bank loans to be secured in advance to tide El Al over, or that the airline reach collective labor agreements with the pilots or the unions. *** The family reportedly believes that there is an 80 percent chance of reaching an agreement to buy control of El Al in the next few weeks. The major risk to a deal being completed is that the carrier will be in the hands of an official receiver beforehand. In such a situation, a deal could still be completed at a lower valuation, but El Al’s creditors would likely call in existing loans, requiring the family to enter into complicated negotiations that it does not want to do. The pilots’ local union is also looking askance at the idea of a receiver being appointed. That would enable the airline to throw open existing labor agreements in the face of the imploding global aviation market, where tens of thousands of pilots are being laid off or put on unpaid leave. They would also face pay cuts deeper than any of the current rescue plans call for. *** |
What happened now? Are they still shutdown!?!? I don't think they ever coming back. Gosh! Hope not!
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Originally Posted by TWA884
(Post 32512594)
, a wealthy Israeli businessman and philanthropist is interested in buying the company motivated by Zionism and love of having an airline which displays Israeli flag on the tails its airplanes.
ETA: Just found substantially the same information in the English edition of HaAretz. These guys could become MILLIONAIRES! (Although, truth be told, how do you easily become a millionaire? Become a billionaire and then buy an airline!- per Sir Richard Branson....) |
We have had discussions in the past where an FT member had a plan to buy the airline. Maybe this is the chance.
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Originally Posted by yosithezet
(Post 32517252)
We have had discussions in the past where an FT member had a plan to buy the airline. Maybe this is the chance.
Surely any acquisition of LY or its pieces would involve a substantial chunk of OPM financing. |
Potential new owner revealed
Yeshiva student - son of New York real estate investor Naftali Rosenberg.
The article is in Hebrew. https://www.calcalist.co.il/local/ar...839111,00.html |
With all respect to those whose jobs have suffered during COVID, Israelis are famous for demanding handouts under threat whether it is airline personnel (mostly pilots with significant benefits), big business leaders or government officials. The airline needs to get rid of company bloat, bureaucracy call it what you will. Israelis aspire to enter "management" in order to feed at the trough. It is the culture here.
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Originally Posted by Calculated Risk
(Post 32525307)
Yeshiva student - son of New York real estate investor Naftali Rosenberg.
The article is in Hebrew. https://www.calcalist.co.il/local/ar...839111,00.html |
Originally Posted by Calculated Risk
(Post 32525307)
Yeshiva student - son of New York real estate investor Naftali Rosenberg.
The article is in Hebrew. https://www.calcalist.co.il/local/ar...839111,00.html |
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