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IMI to get NIS 150M loan

Israel Military Industries to use funds to pay preexisting debts, resolve labor dispute

The Knesset's Finance Committee approved a NIS 150 million (about $37.9 million) loan for the Israel Military Industries.


The loan was approved so to allow IMI to reschedule its debt payments and settle a wage dispute.


The loan was approved following a special committee hearing.


IMI, which has been plagued by a labor dispute over its future privatization plans agreed to seek mediation to resolve the last issues remaining vis-à-vis its employees.


IMI also agreed to submit a reform plan for the committee's review by August 15. The industries will have to cutback on personnel by 30% - measures the Treasury insisted upon in order to allot the funds.




פרסום ראשון: 07.17.12, 13:45
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