Financial Post
Bombardier Inc., faced with delays and cost overruns on the development of the CSeries jet, replaced its chief executive officer, suspended its dividend and announced plans to sell debt and equity to bolster its balance sheet.
Alain Bellemare, who left United Technologies Corp. in January, will take over as CEO Friday to replace Pierre Beaudoin, who becomes executive chairman, Montreal-based Bombardier said Thursday in a statement. Laurent Beaudoin, who led the company for more than 30 years before becoming chairman, will retire.
The CSeries aircraft, a US$4.4 billion program that’s two years late and over budget, has become a make-or-break project for Bombardier. Last month Bombardier said it would pause work on its Learjet 85, eliminating about 1,000 jobs, in a statement that led to concerns about liquidity.
Bombardier CEO steps down as losses mount ...
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bizjets101
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Re: Bombardier CEO steps down as losses mount ...
Bombardier Click Here Pierre Beaudoin becomes Executive Chairman of the Board / Appointment of Alain Bellemare as President and CEO of Bombardier Inc. / Corporation Announces Financing Plan.
Issuance of equity for approximately $600 million: the Corporation intends to access the capital markets for approximately $600 million in new equity, depending on market conditions.
New long-term debt capital of up to $1.5 billion: the Corporation intends to access the capital markets for up to $1.5 billion in new debt capital, depending on market conditions.
To complement this financing plan, the Corporation will explore other initiatives such as certain business activities’ potential participation in industry consolidation in order to reduce debt.
RUMOUR TO DATE from KAKE News Wichita - is both Textron and Embraer have been involved in talks to take over the Learjet brand.
Issuance of equity for approximately $600 million: the Corporation intends to access the capital markets for approximately $600 million in new equity, depending on market conditions.
New long-term debt capital of up to $1.5 billion: the Corporation intends to access the capital markets for up to $1.5 billion in new debt capital, depending on market conditions.
To complement this financing plan, the Corporation will explore other initiatives such as certain business activities’ potential participation in industry consolidation in order to reduce debt.
RUMOUR TO DATE from KAKE News Wichita - is both Textron and Embraer have been involved in talks to take over the Learjet brand.
