Bombardier finally secures much-needed $1bn bailout
Bombardier has finally secured a long-awaited $1bn bailout from the Quebec Government.
The regional government in Quebec, where Bombardier is based, has plough $1bn (£670m) into the C Series programme in return for a 49.5% equity share.
It had been delayed, as discussions dragged on. It's understood the first payment will be made June 30 and the second on Sept. 1.
And talks are still under way for a further cash bailout from Canada's federal government.
It's been reeling from huge delays in its C Series passenger jets, of which the wings and fuselage are built in Belfast.
Bombardier employs around 5,000 staff here.
It secured a deal in April to sell 75 of the CS100 jets to Delta Airlines, with the potential for a further 50 orders. However, it revealed in February that the company was cutting 1,080 jobs in Belfast over the next two years.
Earlier this month, IAG boss Willie Walsh told the Belfast Telegraph he was having discussions with Bombardier boss Alain Bellemere about buying a number of the planes.
At the International Air Transport Association AGM in Dublin, he said other orders, including deals with Delta Airlines and Lufthansa subsidiary SWISS, were also encouraging.
This week, Belfast City Airport boss Brian Ambrose said the CSeries passenger jets could open up a direct route from the city to the east coast of America and the Middle East.
The narrow-body passenger planes are fuel-efficient and potentially give small airports greater reach across the world.
Belfast Telegraph Digital