Mitsubishi Heavy Industries, Ltd. (MHI) will increase the capitalization of Mitsubishi Aircraft Corporation (Mitsubishi Aircraft), its wholly owned company to bring it out of the red as it nears the first delivery of the Mitsubishi Regional Jet (MRJ), a program plagued by delays and financial woes.
MHI will add 170 billion yen (US$1.5 billion) to Mitsubishi Aircraft 's capital, and cancel 50 billion yen of the total debt owed by Mitsubishi Aircraft to MHI. The added capital will bring Mitsubishi Aircraft out of its capital deficit and provide the company with funds to enable continued development of the MRJ, a MHI release said.
As of March 31, 2018, the company's liabilities exceeded assets by 110 billion yen. With the 170 billion yen to be acquired from MHI, Mitsubishi Aircraft will allocate 85 billion yen to its capital and an equal amount to its capital reserve.
Simultaneously, MHI will cancel 50 billion yen of the total debt owed to it by Mitsubishi Aircraft. The infusion of 170 billion yen will increase Mitsubishi Aircraft's paid-in capital from 100 billion yen to 270 billion yen.
The capital infusion from MHI will be allocated mainly to development of the MRJ90 and to future expenditures borne by MHI in preparation for commercialization.
Business results and the financial status of MHI's Group companies are continuously factored into the Company's consolidated financial statements. The capital increase in Mitsubishi Aircraft indicated here will have no impact on MHI's consolidated results.
Aircraft maker Bombardier Inc of Canada has sued Japans Mitsubishi Aircraft Corp over claims that its former employees who went to work the Japanese firm passed on documents containing trade secrets. The suit filed in a federal court in Seattle last Friday, sought an injunction ordering Mitsubishi not to use "any proprietary Bombardier information misappropriated by any former Bombardier personnel" and to stop recruiting its employees to obtain such information, the Seattle Times said in a report Saturday
Japanese Mitsubishi Aircraft posted a net loss of 51.1 billion yen ($454 million) at the end of March due to delays in the development of Japans regional jet
WICHITA, Kan. --- Spirit AeroSystems has been selected by Mitsubishi Aircraft Corporation to design and build the pylon for its new next-generation regional jetliner, known as the Mitsubishi Regional Jet (MRJ)
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Mitsubishi Heavy Industries (MHI) will establish a new factory within its Nagasaki Shipyard & Machinery Works to manufacture aero engine parts along with launching new engine MRO service. MHI is anticipating continued growth of its aero engine business, and in establishing the new facility the Company looks to strengthen its global competitiveness by developing a highly advanced engine parts production line, to grow aero engines into one of MHI Group's core businesses
Mitsubishi Heavy is in talks to buy Bombardier's commercial regional jet business, a move that could provide it with technology and processes to complete the development of Japan's first domestically produced passenger jet. "It is true that we are in discussions relating to a possible transaction involving Bombardier's regional jet program," Mitsubishi Heavy Industries said in a statement
Mitsubishi Aircraft Corporation has received Type Inspection Authorization (TIA) from the Japanese Civil Aviation Bureau (JCAB) for the companys Mitsubishi Regional Jet (MRJ) program. This authorization allows Mitsubishi Aircraft to begin certification flight tests for its MRJ 90, first commercial jet from Japan
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