Tel Aviv 22 November : .Israel’s Finance and Transport Ministries announced an assistance program to help the nation’s airlines that were badly affected by the Covid-19 crises. The government approved the financial aid for the airlines to convert bonds into stocks over a three-year period, according to Xinhua news agency.
In parallel, the state aid of up to $44million will be given to airlines along with an equally large capital flow from the owners.
The airlines can choose to either repay the bonds to the government or to convert the debt into state-owned shares after three years.
Each airline’s stock capital will be less than 24 percent.
The state also will have to give up its shares so it cannot vote.
This plan is part of the previous government support for airlines, which was announced May 1st.
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