Negotiations to save El Al stuck: Despite businessman Eli Rosenberg's offer to inject $ 75 million, the company claims that the Treasury is thwarting the purchase

• El Al planes are grounded at Ben Gurion Airport

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  Coco - Archive

About a week has passed since the attractive offer of the ultra-Orthodox young man Eli Rosenberg was received for the purchase of 44.99% of El Al, and the company's board of directors has not yet made a decision on the matter. Directors in the company are threatening to resign in two days after their insurance expires and thus essentially leave the offer unanswered.

Rosenberg's offer is 5% higher than the value of the percentage he is interested in purchasing. The state wants Rosenberg to raise $ 75 million and to illustrate his seriousness he has already deposited $ 15 million in trust.

The pilots very much want Rosenberg to control the company instead of the Borovich family, many of the company's employees as well and as mentioned, also in the country will be happy that Rosenberg will raise $ 75 million and thus the share that the state invests in the company will be significantly reduced. Why does the board not make a decision on the matter? It is not clear.

Rosenberg's proposal is valid and if no answer is received soon, it will continue and will not be relevant. The company's workers' committee is not satisfied with the fact that the Treasury is interested in reducing state intervention, and this is how the delusional situation is created - the board does not make a decision, the state wants Rosenberg to transfer funds, the current controlling shareholders are probably less. The pilots are interested in new owners and speak very strongly against the current owners and meanwhile, none of the parties other than the buyer who proves time and time again his seriousness, does not initiate a move that could save the largest airline in Israel.

Chairman of the El Al Workers' Committee, Sharon Ben Yitzhak: "For five months, 6,000 workers have been living at home without a livelihood, without job security and without a future in sight. At that time, the company's employees agreed to an outline proposed by the Ministry of Finance and signed very painful efficiency agreements involving the dismissal of thousands of employees. Governments around the world have given airlines billions of dollars in grants.

"While all the companies in the economy receive grants, El Al did not receive a shekel. For 5 months they did not find a solution in the Ministry of Finance. Hundreds of meetings, outlines and other vague terms. The workers are tired of the ministry's behavior and call on the prime minister to stop the disgrace." "Some officials may destroy the livelihoods of tens of thousands of families. While all the airlines in the world are starting to warm up and return to the activities of finance officials are busy with the outline. Any outline that is contrary to the outline that the finance ministry undertook when signing the agreements will cancel the agreement."

Eli Rosenberg's spokesman said: "The board should not resign - instead of firing in all directions and wasting precious time, there is an offer on the table and there is no substantive reason why we do not meet after Tisha B'Av to conclude the deal. "The buyer is willing to pay $ 75 million to accept all the company's obligations and the outline of the Ministry of Finance. There are a number of banks that are willing to accompany this offer and any unnecessary complication will be resolved. The offer is good for investors, employees, government, banks, customers and most importantly El Al."