The board of directors of Israel's national carrier had voted to accept the government's bail-out plan for an immediate 75% guarantee from the State for a $250 million loan and a $150 million offering on the Tel Aviv Stock Exchange (TASE). Shares that are not bought by the public will be bought by the state which will then have a controlling stake in the company.
El Al's entire fleet of 45 plans is grounded and the airline will have to reach an agreement with the workers' committee over the government's deal.