Quebec to ask Ottawa to pitch in another $1 billion to Bombardier Inc bailout

B00Mer

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Quebec to ask Ottawa to pitch in another $1 billion to Bombardier Inc bailout



Quebec plans to ask Canada’s federal government to match the province’s US$1 billion investment in Bombardier Inc.’s CSeries program to round out the funding for the troubled jet and assuage any lingering customer concerns.

“If the federal government comes in, the notion of risk completely changes,” Economy Minister Jacques Daoust said Friday in a telephone interview from Montreal. “If the federal government also put in US$1 billion, that would mean the CSeries financing package would be complete.”

His comments underscored Quebec’s determination to prop up the marquee aircraft model at Montreal-based Bombardier, which has been draining cash amid missed deadlines, cost overruns and scant interest among major airlines. Bombardier said Thursday that the jet will need an additional US$2 billion during the next five years.

In specifying a figure, Daoust also made clear Quebec’s expectations about the extent of federal aid as incoming Prime Minister Justin Trudeau’s Liberal Party takes office next week. Bombardier assistance would be studied once the new leadership is in place, party spokesman Dan Lauzon said Thursday.

Trudeau, who represents the Montreal district of Papineau, will name his cabinet Nov. 4, and Daoust said he plans to call Canada’s next federal industry minister right after the swearing-in ceremony.

“In one week we will know exactly who we’re working with in Ottawa,” he said. “I can assure you that in the following half- hour, I’ll get his or her phone number and put in a call.”

Quebec leaders have championed Bombardier because of the company’s central role in the province, and the package also includes a potential equity investment of as much as CUS$442 million (US$336 million). Daoust said the federal government needs to act, too, as it did in helping bail out General Motors and Chrysler as part of their 2009 bankruptcies.

“We are going to ask them to support the aerospace industry in Quebec the same way they backed the auto industry in Ontario when times were difficult,” Daoust said. “This will be a profitable transaction for everybody.”

source: Quebec to ask Ottawa to pitch in another $1 billion to Bombardier Inc bailout | Financial Post

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Will Trudeau give to Quebec a private sector bailout !!!

Quebec company, can't stand on it's own.. taxpayers on the hook.
 

Jinentonix

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Sep 6, 2015
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Uh Boomer? It's not a bailout, it's called an investment in a particular project. If Bombardier were in serious trouble, they would have jumped at the massive offer the Chinese made for their LRT division.
 

MHz

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Mar 16, 2007
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If that stands for Light Rail ?? then Russian and China will supply the parts that would be part of the new heavy rail that is being planned.That move might not be the best one as far as keeping busy goes.
 

IdRatherBeSkiing

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Is this the same company that a couple of years ago laid off a good chunk of Canadian workers for overseas 'slaves'? Lets not do any corporate welfare. Let them sink or swim on their own.
 

BruSan

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I could care less what Bombardier desires a handout from me be called.


I have already contributed to them in the form of many gov't grants over the years with a particularly galling one being a grant to design a "green" lawnmower engine.


If Bombardier cannot compete on the playing field of commerce they should not expect spectators already paying to watch the game ante up to buy better players.


China has completed building of their "C" series jets and are now going for FAA approval and here is Bombardier struggling to come to the race two years late.


Toronto's gonna sue them for late delivery on trains they've supposedly had the expertise of building for decades but cannot seem to do to this day on schedule.


Fugg 'em and their blue shirts. Time to go back to what they do best; building and selling snow toys to those who actually use them.
 

Machjo

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Oct 19, 2004
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How about Bombardier make something people will buy?

Why is it major corporations always get the subsidies and mom and pop shops never do?

Isn't it like the government choosing winners and losers in the economy?

Maybe they could exempt bicycles from taxes to boost the bicycle industry so laid off Bombardier employees could work there. Exempt snow shoes from taxes too.
 

AnnaG

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Is this the same company that a couple of years ago laid off a good chunk of Canadian workers for overseas 'slaves'? Lets not do any corporate welfare. Let them sink or swim on their own.
Exactly.

How about Bombardier make something people will buy?
That would be Skidoos.

Why is it major corporations always get the subsidies and mom and pop shops never do?
Mom n Pop shops cannot afford lobbyists and bribes to politicians.

Isn't it like the government choosing winners and losers in the economy?
Of course it is; along with ignoring what the backbones of economies really are.


Maybe they could exempt bicycles from taxes to boost the bicycle industry so laid off Bombardier employees could work there. Exempt snow shoes from taxes too.

"Every small business will give you an entrepreneurial way of looking at things. I guarantee you that for every plant that closes, if you gave it to one small-business person in that community, he or she would find a way to make it work. The small-business attitude is you always find a way to make it work." - Hamdi Ulukaya
 
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Durry

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The Oil Industry should line up for its share of the hand outs.

Wth, if the Libs are handing it out, might as well get your share eh!!
 

Machjo

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Worse yet, I bet many layd-off Bombardier staff would be more than qualified to find good-paying work elsewhere, so let's not worry about them. They can take care of themselves.

Instead, why not send the illiterate homeless back to school to raise their employment prospects.
 

CDNBear

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Sep 24, 2006
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Worse yet, I bet many layd-off Bombardier staff would be more than qualified to find good-paying work elsewhere, so let's not worry about them. They can take care of themselves.

Instead, why not send the illiterate homeless back to school to raise their employment prospects.
Why not put it in healthcare, so the middle class, who aren't refugees, that don't have a doctor, can finally get one. Instead of having to use clinics.
 

Machjo

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Why not put it in healthcare, so the middle class, who aren't refugees, that don't have a doctor, can finally get one. Instead of having to use clinics.

I take care of my health. Clinics serve me well.

Now rather than have the homeless clog emergency rooms, why not teach them a trade or profession to get them off the streets and contribute to the tax base to afford what you propose?
 

IdRatherBeSkiing

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I take care of my health. Clinics serve me well.

Now rather than have the homeless clog emergency rooms, why not teach them a trade or profession to get them off the streets and contribute to the tax base to afford what you propose?

You are assuming that all the homeless are able or willing to be trained or work. Big assumption. Assume its true for a few.
 

Frankiedoodle

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Aug 21, 2015
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If the government is handing out money to Bombardier, maybe I could just have a small amount compared to what they are giving to the company. I am sure they wouldn't miss a couple of million or so and since I am on a pension it would make one hell of a difference to me.