The offer comes with strings attached, including requiring the lead shareholder to inject $28MM into the airline, increase airline efficiency, lower executive payments, among other state demands.
El Al has yet to respond to the offer.
I gave suggestions to multiple El Al executives in the past on how they could improve and be more profitable, but none were implemented. The interviews were off the record on condition of El Al media relations approving them, which never happened. El Al continues to treat Matmid as a cost center instead of a profit center, as US airlines have long since figured out.
Hopefully the bailout means that El Al will start processing refunds for flights that they cancelled?