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Embraer CFO says unpaid Brazil defense bill little changed

Published 2016-03-03, 09:40 a/m
© Reuters.  Embraer CFO says unpaid Brazil defense bill little changed
EMBR3
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SAO PAULO, March 3 (Reuters) - Brazil's Air Force still owes
planemaker Embraer SA EMBR3.SA about 1.4 billion reais ($363
million) for the development of the KC-390 military cargo jet
and modernization of its fighter jet fleet, Chief Financial
Officer Jose Antonio Filippo told reporters in an earnings call
on Thursday.
The outstanding balance was little changed from July, when
Embraer delayed development of the KC-390 due to military
spending cuts as President Dilma Rousseff tried to shore up
government finances in a severe recession.
($1 = 3.86 Brazilian reais)

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