CORRECTED-UPDATE 1-U.S. Navy pays contractors $600 mln held back to ensure performance [Reuters]
General Dynamics Corporation (GD)
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Source: Reuters
U.S. Navy pays contractors $600 million held back to ensure performance WASHINGTON (Reuters) - The U.S. Navy has paid defense contractors $600 million it had withheld to ensure contract performance, hoping the funds would shore up finances for suppliers ravaged by the coronavirus-driven economic downturn, a Navy official said on Tuesday. The move, which follows a similar action taken by the Air Force that released billions of dollars in payments, is aimed at replacing revenue vital Pentagon suppliers have lost in their non-military businesses as the spreading coronavirus has halted business activity nationwide. “We were immediately able to infuse about $600 million of funds that we had on withholds,” James Geurts, the assistant secretary of the Navy for research, development and acquisition, told reporters on a conference call. A Navy spokesperson said “for example, with the ship repair industry, withholds were reduced to one percent.” The Department of Defense has also accelerated co
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- 10/24/25 - Beat
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- 11/24/25 - Form 4
- 11/20/25 - Form 144
- 11/7/25 - Form 4
- GD's page on the SEC website