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News Breaks
March 14, 2013
12:54 EDTBDRBF, GRMNGarmin to provide short term interest free loan of $173.7M to Bombardier
Garmin (GRMN) disclosed in a regulatory filing that its subsidiary Garmin International entered into a Memorandum of Agreement with Bombardier (BDRBF). In order to assist Bombardier in connection with delayed cash flows from the program to develop avionics system for the Lear 70 and Lear 75 aircraft for Learjet, a subsidiary of Bombardier, Garmin International agreed to provide Bombardier a short term, interest free, loan of $173.7M in cash in seven installments beginning on March 22, 2013 and ending on September 20, 2013 pursuant to the terms and conditions of the Agreement. Conditional upon Garmin International returning to Learjet a flight test vehicle and delivering specified Garmin software and hardware to Learjet no later than July 11, 2013, Bombardier will repay the loan in five installments beginning on November 1, 2013 and ending on March 7, 2014, provided that the repayment dates will be extended on a day for day basis if the July 11, 2013 milestone date is extended, the company said. Garmin International is the supplier of the avionics system for the Lear program and the delayed cash flows are partially related to the certification of the avionics exceeding the planned delivery date, the company said.
News For GRMN;BDRBF From The Last 14 Days
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February 11, 2016
07:06 EDTGRMNGarmin to acquire DeLorme; financial terms not disclosed
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06:17 EDTBDRBFQuebec to consider more Bombardier aid absent federal investment, Bloomberg says
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February 10, 2016
06:59 EDTGRMNGarmin upgrades Volvo Penta glass cockpit system
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06:56 EDTGRMNGarmin's Marine Electronics selected by Pursuit Boats
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February 9, 2016
06:58 EDTBDRBFBombardier intends to produce 80 high-speed trains for Turkey, Reuters says
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February 8, 2016
18:44 EDTBDRBFAlaska selects Embraer in potential order for 60 jets, WSJ says
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February 7, 2016
17:36 EDTBDRBFCanada wants Bombardier governance changes in exchange for aid, Bloomberg says
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February 5, 2016
09:34 EDTGRMNGarmin estimates lowered at Cleveland Research
Cleveland Research lowered Garmin's 2016 revenue estimates to down 3% year-over-year, versus consensus of a decline of 1%, due to increased concerns regarding competition and a worsening outlook.
February 3, 2016
12:02 EDTBDRBFBombardier plans reverse stock split, Reuters reports
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January 28, 2016
06:39 EDTBDRBFBombardier sued by Comerica for jet payments, Reuters reports
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