March 3, 2016 / 2:42 PM / 2 years ago

Embraer CFO says unpaid Brazil defense bill little changed

SAO PAULO, March 3 (Reuters) - Brazil’s Air Force still owes planemaker Embraer SA about 1.4 billion reais ($363 million) for the development of the KC-390 military cargo jet and modernization of its fighter jet fleet, Chief Financial Officer Jose Antonio Filippo told reporters in an earnings call on Thursday.

The outstanding balance was little changed from July, when Embraer delayed development of the KC-390 due to military spending cuts as President Dilma Rousseff tried to shore up government finances in a severe recession.

$1 = 3.86 Brazilian reais Reporting by Brad Haynes and Priscila Jordao; Editing by Chizu Nomiyama

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