Turnaround Plan - No Cure For Bombardier’s Debt Headache
repayments on US$9.3-billion of debt...
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February 14, 2020 - by ANDREW WILLIS for theglobeandmail.com
You've been to a party, you had a few too many. What do you do? Pop a few Aspirin and pound back water before bed, to get ahead of the hangover.
That is Alain Bellemare's current approach to running Bombardier Inc. The Montreal-based chief executive is doing everything in his power to get in front of repayments on US$9.3-billion of debt.
The loans are a hangover that stems in large part from a party that took place before Mr. Bellemare arrived in 2015, when Bombardier dropped US$6-billion on a commercial aircraft business, only to finally cut all ties with the project Thursday.
For Bombardier, debt relief is expected to come from the sale of one of the company's two remaining divisions.
Mr. Bellemare is running simultaneous talks in Europe and North America aimed at finding new owners for either the company's rail or business-jet unit.
There are discussions playing out with France's Alstom SA and Japan's Hitachi on the train side, while on the plane side, Bombardier is...
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