El Al investor pulls out

Dino D'Amore
By Dino D'Amore October 11, 2013 12:50

El Al investor pulls out

FIMI, Israel’s largest private investment fund, had agreed to buy 47% of the airline in April for $75 million on the basis that El Al sorted out its labor problems, specifically negotiating a new contract with workers. The airline has been unable to do so and as such FIMI has pulled out of the deal. This is a major blow to El Al, which needs cash to modernise its fleet and to compete with European carriers. The airline also remains deeply in debt and needs to raise money or cut costs soon.

Dino D'Amore
By Dino D'Amore October 11, 2013 12:50
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