Arkia Owners Offer Sale to Rival Israir Amid Financial Woes
Summarized from Ynetnews by baba
Israeli airline Arkia's owners have approached rival Israir with a proposal to sell the company, which is facing estimated annual losses of $30 million to $40 million. Tensions exist between the owners, the Nakash family, and CEO Oz Berlovitz, who the owners seem to blame for the company's financial difficulties. Israir has confirmed a preliminary meeting but no due diligence has been conducted. Employee ownership of 20% and disagreements over a restructuring plan are significant obstacles to any sale.
The story in 6 lines · by baba
- Arkia's owners have approached rival Israir with a proposal to sell the airline amid mounting losses.
- The airline faces estimated annual losses of $30 million to $40 million.
- Tensions exist between Arkia's owners, the Nakash family, and CEO Oz Berlovitz.
- Israir confirmed a preliminary meeting but stated no due diligence has been conducted.
- Employees own 20% of Arkia's shares, complicating potential sale negotiations.
- Previous merger attempts involving Arkia have failed, partly due to competition concerns.
Ynetnews publishes in English. The key points are summarized above. Read Ynetnews’s full report from the link at the top of the page.
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