El Al took a major step toward privatization when the airline’s new board of directors began officially operating this week.
The new board chairman, Yossi Cheihaover, was approved by the finance minister and transportation minister after another candidate, Yossi Rosen, turned down the job, citing a conflict of interest.
The airline had been in receivership since 1982, after huge losses caused by years of labor disputes. The government at the time ordered the closure of the airline.
It reopened several months later under the authority of a court-ordered receiver. In the past nine years, the airline has turned profits.
Although 1994 figures have yet to be released, Israel Radio reported that company officials expect a $10 million net profit with record revenues of more than $1 billion.
The privatization plan calls for a sale of 51 percent of the airline on stock markets in Israel, Britain and the United States later this year.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
