17:52:37 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Bombardier Inc
Symbol BBD
Shares Issued 1,932,675,863
Close 2016-10-21 C$ 1.76
Market Cap C$ 3,401,509,519
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Globe says feds still ready to back Bombardier

2016-10-24 07:56 ET - In the News

The Globe and Mail reports in its Saturday edition that the Canadian government is backing Bombardier in its effort to restructure its business and rebuild profitability as it weighs a request from the company for a $1-billion (U.S.) bailout. The Globe's Nicolas Van Praet and Robert Fife quote Innovation Minister Navdeep Bains telling reporters Friday, "We're very committed to the company." On Friday, Bombardier announced that it would lay off a further 10 per cent of its 70,900-strong global work force as part of an effort to reduce costs and improve competitiveness. "We're really much focused on the future prospects," Mr. Bains said. Talks between Ottawa and Bombardier have dragged on for about 10 months. Federal officials said there has been little movement since the summer. The feds had expected to reach an agreement last winter to bolster the financial viability of the company. Some of the options on the table include either direct investment or credit financing, but there is an expectation that any federal money would come with conditions, including possible changes in the dual-class stock structure that gives the company's founding Bombardier-Beaudoin family control through supervoting shares.

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