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 7.45% Senior Notes due 2034, to the amendments of the indenture governing such notes (the "Indenture") entered into in 2021, including consent that the divestiture transactions referred to in the Lawsuit did not give rise to any default under the Indenture, and for the avoidance of doubt, a waiver of any alleged default under the Indenture in connection therewith.
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 (https://bombardier.com/en). Follow us on X
@Bombardier (https://twitter.com/Bombardier).
Media Contacts

 Francis Richer de La Flèche                    Mark Masluch
 Vice President, Financial Planning and         Senior Director, Communications
 Investor Relations                             Bombardier
 Bombardier                                     +1 514 855-7167

+1 514 240-9649
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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