Mexico's state-owned airline faces $841 million lawsuit in contract dispute [Reuters]
Embraer S.A. (ERJ)
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Source: Reuters
state-run airline of several breaches of contract that undermined its ability to help the carrier get off the ground. According to a complaint filed in Manhattan federal court, Mexico's government hired the plaintiff SAT Aero Holdings last year to provide an array of services to Mexicana, including obtaining aircraft and related insurance, and recruiting and training pilots and crew. SAT said Mexicana reneged on its obligations almost from the start, including by not paying $5.5 million of aircraft lease deposits, refusing to sign documents, poaching its pilots and crews, and failing to obtain licenses needed to import planes to Mexico and operate them. Mexicana's "material breaches and its unwillingness to work with SAT on solving the problems caused" left SAT "no choice" but to sue, the complaint said. Mexico's defense ministry, which operates Mexicana, said it did not have any information about the case. SAT, based in San Antonio, is seeking $838.5 million of damages repr
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ERJ
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- 3/19/24 - Beat
ERJ
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- 4/22/24 - Form 6-K
- 4/5/24 - Form 20-F
- 4/5/24 - Form 6-K
- ERJ's page on the SEC website