El Al Has Until Sept. 10 to Offer Shares to Win State Bailout
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El Al Israel Airlines Ltd., crippled by the coronavirus pandemic, must offer shares by Sept. 10 if it wants to receive state aid.
Israel’s flagship carrier should aim to raise a minimum of 505 million shekels ($150 million) at 0.671 shekel a share, with bids submitted no later than Sept. 15, the Finance Ministry said Sunday in a letter outlining its proposed rescue package. After the offering is completed, the government will guarantee a bank loan of $250 million, it said.
El Al said it was studying the proposal, which must be approved by the cabinet.
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