Israir switched to positive EBITDA in the third quarter

As a result of the closure and crisis in the aviation industry, Israir switched to positive EBITDA in the third quarter, compared with negative EBITDA of $ 4.5 million in the previous quarter.
The improvement is due to savings and streamlining processes. This emerges from a periodic report submitted by the trustee, Adv. Ofir Naor, to the court, which includes "up-to-date data on Israir's financial and cash flow developments, in a manner that reveals its handling of the crisis and its positive results."
The data was transferred to the court before Israir's results for the third quarter were reported to the stock exchange.
Also during the quarter, the company generated a positive cash flow contribution in its operations of $ 2 million, however the company's financial debt increased to $ 45 million compared to $ 35 million in the previous quarter.
The increase in debt was mainly used to improve working capital, which dropped from $ 51 million in the previous quarter to $ 40 million in the third quarter, to repay the company's customers whose flights were canceled ($ 3 million) and to repay debts to suppliers in the amount of $ 6 million.
The trustee states in the report that it received 5 offers to buy the company from Rami Levy, Madur Alon, Global Wings from Aviation Holdings (Arkia) and Chassis and Amnon Sela, as well as the Fortissimo Foundation contacted about the issue, but has not yet submitted an offer. Will reach a decision regarding the buyer in the near future, exercising its broad discretion "noting that this is not a tender."