Bombardier commits to aero programme after CSeries, Toronto land sale
Bombardier said Thursday it will stick by its remaining commercial aerospace programme after agreeing to sell its biggest land asset, as the company strives to raise cash to pay down its debt. The company, which has a long-term debt of US$9.1b and considered bankruptcy in 2015, sold its Downsview site in northern Toronto to the Public Sector Pension Investment Board for $635m. That facility is an assembly site for its Q400 turboprop passenger planes and is 1 of 4 final assembly sites it uses. Thursday's sale, combined with an equity raise of C$638.4m in March gives the company $1b in cash. "This (the Q400) is a product line we'll keep pushing," CE Alain Bellemare said. The company has up to 5 years to find a new assembly site for the plane. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-05-04/general/bombardier-commits-to-aero-programme-after-cseries-toronto-land-sale
https://portal.staralliance.com/cms/logo.png
Bombardier commits to aero programme after CSeries, Toronto land sale
Bombardier said Thursday it will stick by its remaining commercial aerospace programme after agreeing to sell its biggest land asset, as the company strives to raise cash to pay down its debt. The company, which has a long-term debt of US$9.1b and considered bankruptcy in 2015, sold its Downsview site in northern Toronto to the Public Sector Pension Investment Board for $635m. That facility is an assembly site for its Q400 turboprop passenger planes and is 1 of 4 final assembly sites it uses. Thursday's sale, combined with an equity raise of C$638.4m in March gives the company $1b in cash. "This (the Q400) is a product line we'll keep pushing," CE Alain Bellemare said. The company has up to 5 years to find a new assembly site for the plane. <br/>
