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Stock Market & Financial Investment News

News Breaks
March 14, 2013
12:54 EDTGRMN, BDRBFGarmin 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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October 22, 2014
08:10 EDTBDRBFCAE, Bombardier expanding Authorized Training Provider network
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October 17, 2014
10:00 EDTGRMNOn The Fly: Analyst Initiation Summary
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08:19 EDTGRMNGarmin initiated with a Neutral at Credit Suisse
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October 15, 2014
11:13 EDTBDRBFBombardier C Series front runner for Austrian fleet overhaul, Globe & Mail says
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