El Al airlines, our client, will receive state aid amounting up to $30 million by way of convertible loans, which will be provided in connection with and following the receipt of controlling shareholder’s subordinate loans of up to $73 million. These amounts, together with the company’s plans for additional equity financing rounds, are aimed at assisting El Al in managing the continuing effects of the Covid-19 pandemic on airlines all across the world, and the disruption to the tourism industry.
Partners Adi Zaltzman and Saul Adereth represented El Al Israel Airlines Ltd. in the negotiations towards the the agreement.
