Embraer

Embraer announced Wednesday that its commercial aviation revenue had fallen by 82% to $109 million in the second quarter because of the Covid-19 pandemic. The company had a net loss of $315 million in the quarter.

The company also stated that 50% of its aircraft orders have been deferred to 2022, but despite having no cancelled orders, Embraer cautioned that long deferrals would make 2021 difficult.

The Sindicato dos Metalúrgicos de São José dos Campos e Região, the workers' union representing employees of Embraer, filed a lawsuit on Friday seeking to dismiss the company’s board after the $4.2 billion failed merger with Boeing.

"Embraer has been treated merely as a market issue. This is a strategic company for the country and can't be at the mercy of shareholders' interests. It is necessary to hold the Administrative Council responsible for the crimes that are being committed against this national patrimony and its workers ", states union director Herbert Claros.

Planemaker Embraer is negotiating to obtain $600 million in credit lines led by Brazil’s state development bank BNDES. According to Brazilian government sources the deal should be closed in June and Bradesco, Santander, Itaú, Citibank, Morgan Stanley and Natixis will also be involved in the financing.