On 1 July 2020, after returning substantial amounts of leased aircraft (and canceling current leases) the airline canceled all flights and suspended operations indefinitely. On 6 July, the company announced it had worked out a bailout deal with the government to make up the hundreds of millions of dollars it had lost due to the COVID-19 pandemic in Israel and abroad. The proposed deal would net the airline $250 million in government loans (with a guarantee for 75 percent of the loan in case of defaults) and an additional $150 million from its own sale of company shares which, if not sold, would be purchased by the government. The deal was approved by a Knesset committee. On 17 September, it was announced that Kanfei Nesharim, a company owned by 27-year-old Eli Rozenberg (son of US Centers Health Care nursing home chain founder Kenny Rozenberg), had bought a controlling 42.85% stake in the airline with a $107 million offer. Under the prior negotiated bailout deal, the Israeli government, which had committed to buying any unwanted shares as part of a rescue package, bought $34 million worth of shares, for a stake that equals roughly 15% of the company. The holdings of El Al's owners before the bailout, Knafaim Holdings, fell to 15.2% from 38%. The new management will seek to emphasise "punctuality" and work to upgrade food services across all classes.