TEL AVIV, July 1 (Reuters) – El Al Israel Airlines reported a loss in the first quarter for a steep drop in revenue and said it had to give up some of its fleet and release most of its strength. her work with unpaid leave to fight coronavirus outbreak.
The Israeli flag carrier is seeking state-backed loans to help it during the crisis, as foreigners are barred from entering the country and incoming Israelis must enter quarantine.
The government argues that airline problems, including an inflated workforce, high wages and a weak balance sheet, began long before pandemics.
El Al said he was still negotiating with the government for a aid package. Two offers are on the table.
The first includes $ 400 million in bank loans, most of which will be guaranteed by the state, and El Al by issuing 150 million shares ($ 43 million) in shares. In the second, the loan amount drops to $ 250 million and the stock issue rises to about $ 150 million with the government committed to buying any stock that is not bought by the public.
Meanwhile, El Al has suspended regular commercial flights until at least the end of July. To make up for it, it has expanded its cargo operations by regaining commercial aircraft.
The company said it lost $ 140 million in the first three months to a loss of $ 55 million a year ago. Revenue fell 25% to $ 321 million.
El Al has renewed its fleet in recent years to compete better with a influx of low-cost foreign carriers, but that has stopped.
It canceled the lease agreements for the two Boeing 737-800 aircraft and returned three more. The company also reached a sales and rental agreement with a foreign company for three 737-800 for $ 76 million.
“The extension of the coronavirus crisis is something we have never seen, and no airline, no matter how strong, can survive without government assistance,” said CEO Gonen Usishkin.
$ 1 = € 3,4613 Reporting by Ari Rabinovitch, edited by Louise Heavens
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]