Bombardier signs definitive USD1bn C Series investment agreement with Quebec government

Bombardier confirmed (23-Jun-2016) it entered into a definitive agreement for the previously announced USD1 billion investment by the Government of Québec in a newly created limited partnership, the C Series Aircraft Limited Partnership (CSALP), to which the assets, liabilities and obligations of the C Series aircraft program will be transferred. Details include:

• Assets, liabilities and obligations of C Series programme will be transferred to the newly created limited partnership;
• The USD1 billion investment will be disbursed in two installments of USD500 million, to be issued on 30-Jun-2016 and on 01-Sep-2016;
• On completion of the disbursement, Bombardier will hold 50.5% equity stake in the partnership, while Investissement Québec will hold 49.5%;
• CSALP headquarters, assembly, manufacturing, engineering services and R&D activities to remain in Québec for at least 20 years;
• Bombardier will maintain operational control of the C Series programme and consolidate its financial results. Fred Cromer will serve as president of the CSALP, and continue in his current role. The USD1 billion investment will be used entirely for cash flow purposes of the CSALP. [more - original PR]