Despite The Closure Israir Managed to Improve its Results in The Third Quarter

The airline‘s trustee report submitted to the court reveals that the airline switched to positive EBITDA in the third quarter due to savings and streamlining processes. At the same time, the company’s revenues increased by NIS 9 million due to an increase in flight activity.

Despite the closure and crisis in the aviation industry, Israir switched to positive EBITDA in the third quarter, compared to negative EBITDA of $ 4.5 million in the previous quarter.

The improvement is due to savings and streamlining processes, according to 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.”

Despite the closure and crisis in the aviation industry, Israir switched to positive EBITDA in the third quarter, compared to negative EBITDA of $ 4.5 million in the previous quarter.

The increase in debt was mainly used to improve working capital, which fell from $ 51 million in the previous quarter to $ 40 million in the third quarter, use to repay the company’s customers whose flights were canceled ($ 3 million) and repayment of debts to suppliers in the amount of $ 6 million.

The trustee states in the report that he received 5 offers to acquire 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. The trustee writes that he is in the final stages of the sale and that he will reach a decision regarding the buyer in the near future, exercising his broad discretion “note that this is not a tender”.

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Israir Managed to Improve its Results in The Third Quarter - /10

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