SAO PAULO - Brazil’s Embraer SA on Monday said it had begun an arbitration process against Boeing Co, after the U.S. planemaker abruptly canceled a $4.2 billion deal over the weekend that was years in the making, Marcelo Rochabrun reports for Reuters. Continue reading original article.
The Intelligent Aerospace take:
April 27, 2020 -"Embraer believes strongly that Boeing has wrongfully terminated the MTA, that it has manufactured false claims as a pretext to seek to avoid its commitments to close the transaction and pay Embraer the US$4.2 billion purchase price," the Brazilian company wrote in a release. "We believe Boeing has engaged in a systematic pattern of delay and repeated violations of the MTA, because of its unwillingness to complete the transaction in light of its own financial condition and 737 MAX and other business and reputational problems."
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Jamie Whitney, Associate Editor
Intelligent Aerospace
