1 mai 2020 | International, Aérospatial, Naval, Terrestre, C4ISR, Sécurité
By: Joe Gould
WASHINGTON ― Because fewer than 20 firms sought to apply for $17 billion in federal loans for Defense Department suppliers hurt by the coronavirus pandemic, the Trump administration is weighing how to broaden the eligibility requirements, a top Pentagon official said Thursday.
“The challenge is that this $17 billion worth of loans comes with some fairly invasive kind of riders, and I think companies have to think very carefully about whether that makes good business sense for them,” Under Secretary of Defense for Acquisition and Sustainment Ellen Lord said at a Pentagon news conference.
Treasury Secretary Steven Mnuchin, whose agency is implementing the loans, is requiring public companies seeking a share of $17 billion in coronavirus-related relief offer an equity stake to the government.
“It may not be as interesting as for private companies, so that's one of the differentiators I see,” Lord said.
The loans were intended for companies operating top secret facilities and with DX-rated contracts, which means the Pentagon deems them of highest national priority.
“I am not sure that companies with DX-rated contracts are the ones that have the most critical needs. They have had a little less than 20 companies reach out to date,” Lord said.
The Treasury Department has been in consultation with the Pentagon, and it's been open to ways the loan program could be expanded ― potentially to firms the Pentagon designates, Lord said.
“So I'm hoping that early next week, between the Treasury Department and the Department of Defense, we can come back with a little bit more fidelity to the defense industrial base to better identify who might most benefit from this particular money,” Lord said.
The agency had set a May 1 deadline for applications.
The $17 billion tranche in the CARES Act for COVID-19 relief was widely assumed to be targeted at Boeing, which is a prime defense contractor and had indicated that it might seek assistance. However, U.S. lawmakers have said the loans are intended to span the defense supply chain, said Andrew Hunter, director of the Center for Strategic and International Studies's Defense-Industrial Initiatives Group.
“I would just say the requirements under that program are pretty strict that," he said. "You have to be really in desperate need for financing and have no access to other forms of financing, you have to accept a lot of limits on how the business operates: [on] share buybacks, dividends, executive compensation. And so it's really been designed and set up as a lender of last resort to firms that really need that assistance.”
28 juillet 2023 | International, Terrestre
Slidell, Louisiana, July 26, 2023 – Textron Systems Corporation, a Textron Inc. (NYSE:TXT) company, announced today that the company will move ahead into Phases 3 and 4 of the U.S....
26 novembre 2023 | International, Aérospatial
On Exercise Maple Resolve, 430 Tactical Helicopter Squadron joined the opposition force flying mission profiles not employed in decades.
25 octobre 2018 | International, Naval
Richard Scott, London and Luca Peruzzi, Genoa - Jane's Navy International Romania's Ministry of Defence is nearing a decision on the procurement of new multirole corvettes after receiving final bids at the beginning of October from Damen Schelde Naval Shipbuilding of the Netherlands, Italy's Fincantieri, and France's Naval Group. The EUR1.6 billion (USD1.85 billion) programme covers the acquisition of four corvettes, as well as the combat system modernisation of the Romanian Navy's two ex-UK Royal Navy Type 22 frigates Regina Maria and Regele Ferdinand . A source selection is scheduled for 26 October, although industry sources suggest this could slip by a number of weeks. Romania's requirement calls for a 2,500-tonne class multipurpose ship with capabilities across anti-submarine warfare, anti-surface warfare, anti-air warfare, electronic warfare, naval gunfire support, and search and rescue. The design is also required to provide aviation facilities suitable for an IAR 330 Puma 10-tonne helicopter and a shipborne unmanned aircraft system. In line with Romanian stipulations for local industry participation, all three contenders are proposing build and in-service support in conjunction with subsidiaries or partners based in country. Romania has asked for the first corvette to be delivered inside three years, with the programme to be completed in seven years. Damen Schelde Naval Shipbuilding is bidding a variant of its SIGMA 10514 design with sister yard Damen Shipyards Galati. To meet the Romanian requirement, Daman has specified a Thales Nederland combat management system (CMS)/sensor fit, the Raytheon Evolved SeaSparrow Missile System and Boeing Harpoon Block II anti-ship missiles. The underwater warfare suite would be provided by General Dynamics Mission Systems-Canada. Fincantieri, which owns the Vard Braila and Tulcea shipyards in Romania, is offering a customised variant of the Abu Dhabi corvette previously built for the United Arab Emirates. It is likely that Vard Braila would be the focal point for both construction and in-service support if Fincantieri is selected. https://www.janes.com/article/83937/romania-set-to-choose-four-new-corvettes-frigate-upgrade