Israel Grants Permit To Eli Rozenberg To Buy El Al, But Will El Al Sell?

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Globes is reporting that Israel has approved Eli Rozenberg’s application to buy a controlling stake in El Al.

Getting that permit was a precondition for coming to an actual agreement with El Al to buy the airline.

Eli Rozenberg is the twenty-something Israeli son of Kenny Rozenberg, US owner of Centers Heath Care nursing homes. Israel’s golden share of El Al requires that the owner of El Al be Israeli, so the offer had to come from Eli.

The Rozenberg offer is $75MM for a 45% controlling stake of the airline.

Whether El Al will sell is another story. The controlling Borovitz family seems to have no intention of doing so.

The Borovitz plan sure seems to have been to take government funds with the assumption that there would be no buyers, and then find a way to maintain control.

The emergence of a serious buyer threw a monkey wrench into those plans. I’m not surprised that they’re avoiding the would be buyers, but they’re going to be between a rock and a hard place if they think they’ll be able to avoid selling the airline and still get government bailout funding.

With the average El Al pilot making $334,000 per year and with some El Al pilots making as much as $562,000 per year, it’s not surprising that the company is in financial trouble and has been avoiding issuing refunds to customers with cancelled flights.

The fastest way to become a millionaire is to start as a billionaire and buy an airline. If the offer is accepted I wish the Rozenbergs the best of luck. They’re going to need it to turn that ship around!

HT: tavster, via DDF

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32 Comments On "Israel Grants Permit To Eli Rozenberg To Buy El Al, But Will El Al Sell?"

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Shmooger

Now that they are miking El Al pay back 1 Billion NIS for cancelled tickets, maybe they will change their mind. Or maybe not.

Moshe

As far as I heard they ran into some issues now as they want to know who the real identity of the buyer is

Chaimmayer

Didn’t you say that he is really in his thirties?

rob

How the heck does the average El Al pilot make 330K+ a year?

Are Israeli unions really that much more powerful than the rest of the Western world?

Shmooger

Do you know what a 787 pilot in Delta makes?

Michoel

No. What do they make?

Shelly

Delta pilots have an average base pay of $185,000, according to the airline. That’s less than the average of $190,000 at Southwest (LUV), $205,000 at American and $209,000 at United.

https://www.google.com/search?q=how+much+do+delta+airline+pilots+earn&rlz=1C1GCEA_enUS913US913&oq=how+much+does+an+Delta+pilot+earn&aqs=chrome.3.69i57j0l3.23195j0j8&sourceid=chrome&ie=UTF-8

Carl Sherer

Really curious about this. How much?

Shmooger

https://www.airlinepilotcentral.com/airlines/legacy/delta_air_lines
Scroll down to the charts
787 should be similar to A350
~350k per year

Shmooger

Dan, don’t argue with me about this! Please. You stick to miles!!

Delta and United pilots make this amount long-haul. It’s a very complicated & stupid business model that makes no sense at all with bidding, seniority, swapping, per diems, uplines and downlines, on duty-off duty and many different things. (Some LCCs figures this part out, but not all)

I know this for a fact there are some Delta pilots flying widebody long-haul in senior positions making over half a million a year.

Pilots making that salary is not the reason why airlines go out of business. Airlines are structured to be profitable that way, and pilots are paid that amount for their safety records. The reason why LY has so much financial issues has nothing to do with that. There’s a saying of English “a fish rots from the head down”, that should explain their entire issue.

Shmooger

The points I missed. But still keep to your miles 🙂

men

also one point dan missed most of elae flights are long haul thats y there average is more

men

delta A350 and elal is a good comparison 350k average

men

if most elal flights r long haul that can be compared to delta’s A350 as delta has most of there flights short haul so it brings down their fleet avarage

Barry

$185k. A little more than half. lol

Carl Sherer

The Histadrut is the equivalent of the AFL-CIO, the Teamsters and the Mob all rolled into one.

YoniPDX

Combat Pay/Hazard pay?

IIRC EL Al planes are the only commercial planes equipped with MDS to deal with SAMs.

Shmooger

Uh, At least you think they’re equipped

Sammy

I know the Rozenberg’s , they are very smart people . If anybody can turn it around, they can .

Yoni

MAKE ELAL GREAT AGAIN

Yochai

When was it great?

Shmooger

On Paper!

LF

I’d love it if El Al were great again. Meanwhile, I would like them to make me whole again by not forcing me to make an unintended & illegal loan to them of thousands of dollars when they cancelled the flights I had paid for & had 7 days to refund, that being 4 plus months ago!!

AF

Let it go bankrupt and buy the assets. Who needs to deal with the corrupt unions, overpaid pilots and underpaid general labour?

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