Bombardier receives final final $500M payment from Quebec
The payment comes one day after Bombardier announced it will furlough 1,900 Montreal workers while it suspends business jet production to manage costs
The final payment comes one day after Bombardier announced it will furlough 1,900 Montreal workers while it suspends business jet production to manage costs.
The Montreal-based company announced on June 23 that the province would own 49.5 per cent of a new limited partnership with all the assets, liabilities and obligations of the CSeries aircraft program after the investment was completed.
Bombardier received the first $500-million installment of the provincial investment a week later on June 30, providing the company with funds as it builds the CSeries planes ordered by airlines and other customers.
The delivery of the first CS100 to Swiss International Air Lines was made at the end of June.
As a result of the final $500-million payment, completed on Sept. 1 as planned, the province’s Investissement Quebec received warrants that are exchangeable for 50 million Bombardier class B shares.
Bombardier’s publicly traded class B shares closed Thursday at $2.13 in Toronto—below the warrants’ exercise price of $2.21, or US$1.72.