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Tue, Mar 23, 2010

Cirrus Fights Rumors

L-3 Charges That Cirrus Is Near Insolvency

Cirrus Design has filed a lawsuit in federal court against L-3 Communications Avionics Systems, charging that L-3 is falsely spreading rumors about Cirrus' financial status.

The suit charges that L-3 has told other suppliers that Cirrus is heading towards bankruptcy, and that they should end supply relationships with the company. Cirrus said recently that it has survived the worst of the recession that has caused sales to falter industry-wide. But if the company is not able to get parts from suppliers, "Cirrus will be unable to meet it production requirements, will not be able to deliver aircraft to its customers and will be forced to lay off hundreds of employees," the suit says.

The Minneapolis Star-Tribune reports that the suit asks that L-3 be prevented from contacting other companies that do business with Cirrus, and seeks unspecified damages.

The dispute between the two companies cropped up last May when L-3 filed suit against Cirrus, claiming it owed nearly $19 million under a 2007 supply agreement. That case has not yet been heard.

Cirrus charges that L-3 has also contacted Bahrain-based Arcapita Capital, Cirrus' largest investor, to say it had been asked to participate in an involuntary bankruptcy filing against Cirrus. In its suit, Cirrus states that Arcaptia has "no present intention" to force Cirrus into bankruptcy.

FMI: www.cirrus.com, www.as.l-3com.com 

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