El Al Israel Airlines Ltd. (TASE: ELAL) introduced yesterday night that it had reached settlement with the Ministry of Finance on a rescue plan that may most likely outcome within the airline being nationalized. On the identical time, nonetheless, El Al continues to discover the opportunity of a sale. Inside the previous few days, a businessperson, who refuses to be named, has provided to purchase the airline and has even appointed CPA Reem Aminoach, a former financial guide to the IDF chief of workers, to conduct negotiations on his behalf.
The chance is being examined of transferring the controlling shares from Knafaim Holdings, by way of which the Borovich household controls El Al, to a trustee for an interim interval. The perimeters have approached Israel Aerospace Industries chairperson Harel Locker, a former director common of the Prime Minister’s Workplace, to behave as trustee.
This isn’t a case of basic trusteeship. If Locker is appointed, he’ll maintain the shares for a brief interval solely, till the customer obtains a management allow from the state, with the safety checks that that entails.
It’s not clear why El Al rushed to announce that it might undertake the Ministry of Finance plan when negotiations are going down with a possible purchaser. It might be that the purpose is to place stress on the customer to finish a deal. Both approach, whether or not the end result is nationalization or an acquisition, the Borovich household will lose management of the airline.
Harel Locker declined to touch upon the report.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on July 7, 2020
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