ElAl cancels 787 options.

TEL AVIV (Marke****ch) -- The Israeli carrier El Al cancelled options to buy seven to 10 Boeing 787 planes, which it had intended to replace older jets in its long-distance fleet, reported the Marker, the online business section of the daily Ha'aretz. The next payment on the plane order, which was valued at a total of as much as $1 billion, was due Oct. 31, but El Al canceled the order, the Marker reported, without citing sources. The airline, a subsidiary of Knafaim, was to take possession of the planes in 2008 through 2010 but will now get back millions of dollars it had paid on account toward the order, the Marker said.

any word on what their plans are now for replacements? Their 767's are some of the older ones around...