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New details on Kaman financial settlement with Australia

29th April 2009 - 11:19 GMT | by in Canberra

RSS

Australia’s Defence Materiel Organisation (DMO) has confirmed that the financial settlement with Kaman Aerospace allowing for transfer of the Royal Australian Navy’s eleven aircraft SH-2G(A) Super Seasprite project back to the company was based on a bank guarantee rather than a cash payment.

The bank guarantee, worth A$39.5 million, was lodged on 12 February this year.

The DMO’s head of helicopter programmes Major General Tony Fraser says “what we negotiated between Kaman and ourselves was that Kaman would take ownership of the aircraft and equipment to try and resell them and provide us with some funding back. That was subject

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