New York businessman Kenny Rozenberg, who made aliyah in March, was granted a permit to become the controlling shareholder in El Al Airlines, the company reported on Wednesday.

Kenny’s son Eli officially gained control of El Al in October when his holding company Kanfei Nesharim Aviation purchased 42.9% of the company despite opposition from the previous board of directors due to the fact that he was serving as a “stand-in” for his father, who was unable to make the purchase at the time due to his lack of Israeli citizenship.

Now that the senior Rozenberg is an Israeli citizen, he and his son will manage the airline together.

Last week, the Israeli government approved the Finance Ministry’s bailout plan for El Al in the wake of the coronavirus crisis including the transfer of $210 million to cover security costs for the next 20 years.

The agreement includes a stipulation that El Al raise $105 million through a public offering, with Kanfei Nesharim purchasing at least $43 million of the shares, which will increase the Rozenbergs’ investment in the airline to about $200 million.

(YWN Israel Desk – Jerusalem)