Israel's El Al says buyer for 767 jet cancels deal

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TEL AVIV, Oct 19 (Reuters) - El Al Israel Airlines , Israel's flag
carrier, said on Sunday the buyer for one of its ageing Boeing 767-200
long-range aircraft had pulled out of the deal.
"The buyer notified the company it cannot meet the payment for the plane
due to difficulties in obtaining bank financing," El Al said in a statement to
the Tel Aviv Stock Exchange.
El Al had said in July it was selling two 767 planes for a total of $13
million, one to an airline in the Philippines and the other to an investment
company in Singapore.
The sale of the plane to the airline in the Philippines has been
completed for $6.5 million, El Al said, adding it will post a pretax capital
gain of $4.7 million in the third or fourth quarter.
Earlier this year, El Al ordered four Boeing 777-200ER planes for $540
million.
A year ago, El Al said it would like to replace its 767 jets with newer
787 Dreamliner aircraft.

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