Québec's Investment in Airbus A220 / CSeries Aircraft Has Gone From Over $1 Billion To Nothing
Already devalued by $ 600 million in February, the value of this investment is at ground level
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June 10, 2020 - by Sylvain Larocque for journaldemontreal.com
In less than four months, the value of Québec's investment in Airbus A220 aircraft has gone from over $ 1 billion to almost nothing.
"The total amount should be written off, Quebecers have lost $ 1.3 billion" in the program developed by Bombardier under the name of C Series, ruled on Friday Prime Minister François Legault.
Monday, the Minister of Economy, Pierre Fitzgibbon, explained that the loss of value was due, among other things, to the coronavirus crisis, which hit the global aviation industry hard.
"COVID-19 has postponed a bit - probably a year - the profits the company will make," said Fitzgibbon at a press conference.
At the beginning of the year, however, the government's placement in the A220 was still worth $ 1.1 billion according to the assessment made by the European giant.
The situation got worse in mid-January when Bombardier revealed that...
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