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Bulgaria Cancels Elbit Contract

By Tish Drake | February 16, 2007
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Israel-based defense company Elbit Systems said the Bulgarian Ministry of Defense cancelled its $75 million helicopter modernization contract. Elbit said it was to modernize Mi-24 and Mi-17 helicopters for the Bulgarian Air Force. In the cancellation notice, the Ministry of Defense requested a return of a portion of the amounts paid to date to Elbit under the contract. Elbit said it does not anticipate that this matter will have a material adverse effect on its results of operations.

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