Israel launches $44mn aid plan for airlines – Tel Aviv News

Approved by the federal government, the airlines will obtain monetary help in opposition to bonds convertible for shares for a interval of three years with out curiosity, studies Xinhua information company.

The state aid, totalling as much as $44 million, can be transferred to the airlines in parallel with an equal quantity capital move by the homeowners.

After three years, the airlines can be entitled to decide on whether or not to repay the bond to the state or convert the debt into shares allotted to the state.

The share of the state within the inventory capital of every airline is not going to exceed 24 per cent.

In addition, the shares to be held by the state can be dormant so that it’s going to not have the fitting to vote as a shareholder.

The plan joins the federal government’s earlier help for airlines introduced in May this yr.

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