Heritage Florida Jewish News - Central Florida's Independent Jewish Voice

Israeli government to bail out El Al, could gain full control

(JNS) — Israel’s Finance Ministry on Sunday proposed to loan $250 million to El Al airlines, far short of the $400 million the struggling airline had requested.

However, the government could end up nationalizing the airline, as it committed to purchasing any shares not bought by the public in an offering meant to raise the remaining $150 million, Israeli business daily Globes reported.

The Borovitz family currently has a majority stake in the airline and is probably not going to take part in the offering on the Tel Aviv Sto...