El Al Israel Airlines (LY, Tel Aviv Ben Gurion) could have majority control of a merged Israir-Sun d'Or International Airlines should the transaction go ahead as planned.
Israel's Globe newspaper reports that as part of the proposed deal, Israir's parent, IDB Development, would retain between 25-30% of the new carrier with El Al, Sun d'Or's parent, controlling between 70-75%.
IDB Development plans to exclude Israir's major assets and liabilities – specifically its fleet of two ATR72-500s and two A320-200s (along with two incoming A320neos) and the loans taken to pay for them - from the transaction. In fact, Israir would likely sell off its fleet and could end up running low-cost flights, domestic routes, and vacation packages for El Al, the report said.
For its part, Sun d'Or operates regular, ad-hoc, and seasonal passenger charters using aircraft leased from El Al.
