Bombardier Announces Settlement of New York Bondholder Lawsuit
Bombardier announced the settlement of a lawsuit initiated by Antara Capital Master Fund LP, Corbin ERISA Opportunity Fund , and Corbin Opportunity Fund, L.P. The case, filed in January 2022, was pending in the New York State Supreme Court. The settlement, effective after customary conditions are met, resolves the lawsuit without admission of liability by defendants. It includes consent from plaintiffs regarding amendments to the indenture of 7.45% Senior Notes due 2034, acknowledging no default occurred. Terms are confidential and the settlement is not material to Bombardier's financial results or cash position. Bombardier believes resolving the case avoids litigation expenses and distractions, allowing focus on core operations.
- Settlement avoids litigation expenses and distractions.
- Resolution includes consent from plaintiffs on key financial amendments.
- Settlement terms are confidential, adding uncertainty.
MONTRÉAL, July 01, 2024 (GLOBE NEWSWIRE) -- Bombardier Inc. (“Bombardier” or “Company”) today announced that it has reached an agreement to settle the lawsuit titled Antara Capital Master Fund LP, Corbin ERISA Opportunity Fund Ltd. and Corbin Opportunity Fund, L.P. v. Bombardier Inc., et al. (the “Lawsuit”). The Lawsuit is pending in New York State Supreme Court, Commercial Division New York County since it was filed in January 2022. For a description of the Lawsuit, we refer you to the litigation note included in the Company’s latest published quarterly financial report for the period ended March 31, 2024.
The settlement will become effective following satisfaction of customary conditions which may take a few days. The settlement resolves the Lawsuit completely and avoids the distraction, expenses and uncertainty associated with any litigation. All defendants will be fully released without any admission of liability.
The settlement also contains a consent from plaintiffs, as beneficial holders of outstanding
The terms of the settlement agreement are confidential.
The settlement is not material to the Company’s financial results or consolidated cash position.
While the Company strongly believes the allegations in this case were without merit, it also believes that it is in the best interest of the Company and all its stakeholders to settle this lawsuit and concentrate on its core business operations.
About Bombardier
At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs.
For them, we are committed to pioneering the future of aviation—innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it.
Bombardier customers operate a fleet of approximately 5,000 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico.
For Information
For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book and Claim system visit bombardier.com. Follow us on X @Bombardier.
Media Contacts
| Francis Richer de La Flèche Vice President, Financial Planning and Investor Relations Bombardier +1 514 240-9649 | Mark Masluch Senior Director, Communications Bombardier +1 514 855-7167 |
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements based on current expectations, which may involve, but are not limited to: the coming into effect of the settlement and the satisfaction and timing of conditions in connection therewith; the effect of the settlement on the named defendants to the Lawsuit and on the Company’s business and operations; and the non-materiality of the settlement on the Company’s financial results or consolidated cash position.
By their nature, forward-looking statements require the Company to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause the actual effects or results in future periods to differ materially from those set forth in the forward-looking statements. Please also refer to the note on “Forward-Looking Statements” and the section titled “Risks and Uncertainties” contained in Bombardier’s published quarterly financial report for the period ended March 31, 2024 and annual financial report for the fiscal year ended December 31, 2023.
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