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Bombardier Inc
Symbol BBD
Shares Issued 2,128,091,942
Close 2020-06-18 C$ 0.49
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Globe says Bombardier mulls begging trip to Ottawa

2020-06-19 08:17 ET - In the News

The Globe and Mail reports in its Friday edition that Bombardier, burning cash as it tries to weather the COVID-19 pandemic, is in contact with the Canadian and Quebec governments about its financial situation but has not made a request for help, according to its chief executive officer. The Globe's Nicolas Van Praet writes that the company has seen an increase in activity for both its private jet business and train unit over the past three weeks as more people start flying again and countries reopen their economies, Eric Martel said after the company's annual meeting. Although the company continues to burn through lots of cash, he said it has other options to raise funds that are preferable to requesting government support. The company is "not ruling out the possibility" of seeking financial aid, Mr. Martel said. "For now, I'm not needing to tell governments I absolutely need your help. My preference would be to have private solutions instead of government solutions." While not cash injections, Bombardier has tapped an unspecified number of governments to offer a backstop for its train business in recent weeks through bonding support, with Mr. Martel characterizing it as "security that our customers are looking for."

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