MONTRÉAL, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Bombardier (TSX: BBD.B) (the "Corporation") today announced that it has received a letter dated January 31, 2022 (the "Letter") from counsel to certain holders of 7.450% Senior Notes due 2034 (the "2034 Notes"), and has learned that such holders also filed a complaint before the Supreme Court of the State of New York (the "Action"), reiterating claims made in April 2021 substantially to the effect that the Corporation's divestitures of non-core assets, including its transportation business, regional jet program and aerostructures division (the "Transactions"), constitute a breach of certain covenants under the indenture governing the 2034 Notes and further alleging that the actions of the Corporation in May 2021, addressing the matters raised in the April 2021 letter, breached the rights of such holders.
The Corporation believes that these allegations are without merit and intends to vigorously defend itself against the Action. The Corporation believes it is not and has never been in breach of any covenant under the relevant indenture and that the actions taken by it in May 2021, with the support and consent of the requisite holders of the relevant debt securities of the Corporation were fully compliant with the terms of the indentures under which such notes were issued. The Corporation also believes the actions it has taken enabled it to reposition the business, strengthen its balance sheet, accelerate de-leveraging and better position Bombardier for long term growth and value creation.
About Bombardier
Bombardier is a global leader in aviation, creating innovative and game-changing planes. Our products and services provide world-class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.
Headquartered in Montréal, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of over 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.
FORWARD-LOOKING STATEMENTS
Certain statements in this announcement are forward-looking statements based on current expectations. By their nature, forward-looking statements require us to make assumptions and are subject to important known and unknown risks and uncertainties. Please refer to our note on "Forward-Looking Statements" contained in our latest published quarterly report.
For Information
| Francis Richer de La Flèche Vice President, Financial Planning and Investor Relations Bombardier +514 240 9649 | Mark Masluch Senior Director, Communications Bombardier +514 855 7167 |
