BREAKING NEWS

El Al agrees to sell and lease back three aircraft in $76m. deal

APRIL 23, 2020 22:03

Israel's flagship carrier El Al has signed a memorandum of understanding to sell and lease back three Boeing 737-800 aircraft to a foreign company.

The aircraft, expected to be sold for approximately $76 million, will be leased back to El Al for a period of eight years.

El Al said on Monday that it was in "advanced negotiations" with an Israeli bank and the Finance Ministry as it seeks a $345m. government-secured loan, which will reportedly require layoffs of 1,600 of the airline's 6,500-strong staff.

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