El Al's CEO: without assistance from the pilots the company can't return to regular operation

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by Ifi Reporter Category:Financial Jul 5, 2020

El Al's CEO, Gonen Ussishkin, strongly attacked the company's pilots committee in light of the expected decision by the company's board of directors on the outline of the state's request for assistance. Adjust the scope of personnel to the activity.
Ussishkin said that as of late June, the company pilots refused to staff the flights, and that all inquiries were not answered for four consecutive days after hundreds of inquiries. "Spins and Pike News can be talked about in the media, but the truth is always within the company and our people know it," the CEO wrote to his employees. It is her fault, he claims, along with the entire aviation industry.
"Due to the inability to operate the flights, we adapted the active manpower in the company to cease operations of the company aircraft," Ussishkin argued. According to him, the factors that set the pace of return to regular activity are the ability of each country and state to take control of the Corona virus, reach mutual agreements on passenger passage as well as the public's willingness to overcome fears and return to fly. "These are all under the big question mark and it is impossible to predict when significant progress will be made," Ussishkin wrote.
He said that, regardless of the opening of the skies in the various countries, "EL AL will not be able to return to a regular operation without receiving the necessary assistance to drive the activity, recover the ticket money for customers and pay debts to suppliers." He points out that two options are currently being considered for state aid, and the only consideration before the company's management is in favor of El Al. The first outline includes a $ 400 million state guarantee loan and a $ 150 million public offering, and the second outline includes a $ 250 million state guarantee loan and a $ 150 million public offering with the state's commitment to purchase the balance of the shares not purchased on Public hands.
CEO El Al mentions that the basic condition for the realization of each of the outlines is to reach a signed efficiency agreement with the Histadrut and the workers. Ussishkin thanks the stewards' committee who agreed to the streamlining plan and notes that the company's management is engaged in dialogue with the other sectors of the company and hopes that it can announce further progress. Ussishkin notes that the company received a very important message from the government about its recognition of the importance of El Al for national security and the state's interest in preserving open airways.

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