El Al: sale of 767 jet completed

El Al received the full payment for the plane when the contract was signed in October. In May El Al completed an order for four 777-200Ers from Boeing
 
El Al Israel Airlines, Israel's flag carrier, said last week it had completed the sale of a Boeing 767-200, built in 1983, to an airline in the Philippines for $6.5 million. El Al received the full payment for the plane when the contract was signed in October 15. In July El Al said it was selling two 767planes for a total of $13 million. A second Boeing 767-200 that was part of the original contract, will not be sold.
 
In a statement to the Tel Aviv Stock Exchange El Al said that "The buyer had notifiedthe company it cannot meet the payment for the second plane due to difficulties in obtaining bank financing".
 
It is understood that El Al will keep the US$325,000 down payment made on this plane. El Al expects to report a pretax capital gain of $4.7 million on the sale.
 
In May 12, 2008 the Boeing Company and El Al Israel Airlines completed an order for four 777-200ERs (Extended Range). The Israeli airline had secured options for two additional 777s and holds conversion rights for the 777-300ER, a larger version of the 777 with increased payload and range capability. The order is valued at $850 million at list prices.