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News Breaks | | | | March 14, 2013 | | 12:54 EDT |  | GRMN, BDRBF | Garmin 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. | |
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News For GRMN;BDRBF From The Last 14 Days Check below for free stories on GRMN;BDRBF the last two weeks. |
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| May 20, 2013 | | 06:07 EDT | | BDRBF | Honeywell's HTF7350 engine to power Bombardier Challenger 350
 Subscribe for More Information | | | May 16, 2013 | | 13:45 EDT | | GRMN | iSuppli: 250M sports, fitness monitors to ship in next five years
Subscribe for More Information | | | May 9, 2013 | | 06:10 EDT |  | BDRBF | Bombardier reports Q1 adjusted EPS 8c, consensus 10c
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