Quoting Haaretz:
Acceptance of the plan marks the latest – but by no means final – twist in months of negotiations between the airline, the government and unions over how to rescue Israel’s flag carrier.
Even after the board approved the rescue plan, management still must meet the government’s terms for the loan guarantees. This includes squeezing $400 million of annual cost savings, in part by axing 2,000 of the company’s 6,500 employees and selling seven to 10 planes. El Al also has to reach collective labor agreements with the workers’ committees, not only over layoffs but over changes in work practices.