Sat, Feb 20, 2010
EADS: Negotiations Are Ongoing
Earlier this week, the seven
nations with a stake in the beleaguered A400M airlifter program
sent a letter to EADS proposing a possible way to pay for the
completion the aircraft, though all parties agreed not to release
details of the scheme. The international news service AFP reports
that a German defence ministry spokesman told reporters "The state
secretaries last week worked to adopt a joint position on funding
the project. This position will be communicated to the industry
today and in the contract, countries confirm their binding
intention to continue to support the project A400M."
EADS has responded to the letter with a statement of its own,
which says it is too early to draw financial conclusions.
EADS confirms that it has received a letter from the customer
nations of the A400M program summarizing the status of the
negotiations and proposing a number of changes to the initial
contract, the company said in a news release posted on its
website.
"The letter is definitely an important step towards convergence,
but it is not a contract draft; the company wishes to get further
clarification on several items, and certain points are left open
for later discussion. EADS will update the A400M provision in its
2009 financial statements. This update will require certain
critical assumptions and financial assessments to be made that are
not yet finalized. Therefore, EADS is at present not in a position
to determine the level of the A400M provision it will need to
charge in its 2009 accounts.
It is the clear intention of EADS' management and Board to
determine a reliable figure for such provision and to communicate
it to the market as early as possible."
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