MONTREAL \u2013The federal government will give Bombardier $372 million in repayable loans, according to a source who requested anonymity because they weren’t authorized to speak on the matter.<\/p>\n
Several cabinet ministers including Innovation Minister Navdeep Bains and Transport Minister Marc Garneau have scheduled a news conference Tuesday at 6:30 p.m. ET at a Bombardier facility in Montreal.<\/p>\n
Bombardier (TSX:BBD.B) has been appealing for US$1 billion in federal assistance since late 2015.<\/p>\n
Last year, the company received a US$1-billion investment for the CSeries passenger jet program from the Quebec government in exchange for a 49.5-per-cent stake.<\/p>\n
The CSeries, which entered commercial service last year, was mired in delays and cost overruns. As of late November, Bombardier received at least 360 firm orders for the jets.<\/p>\n
Any federal assistance for the Montreal-based aerospace manufacturer could rile foreign competitors.<\/p>\n
Brazil has said it would launch a trade challenge against Canada before the World Trade Organization over financial support for Bombardier, which competes with Brazilian-based Embraer. Bombardier said such a move would be without merit.<\/p>\n
Brazil has complained about US$2.5 billion in investments in Bombardier, including money to \u201censure the viability of the new CSeries aircraft and its placing on the market at artificially reduced prices.\u201d<\/p>\n
In December, Prime Minister Justin Trudeau said he was hopeful a deal with Bombardier could be reached before the spring federal budget, adding that all countries, including Brazil, help their aerospace sectors.<\/p>\n
Bombardier has jobs cuts totalling 14,500 positions over the last two years in an effort to regain its financial footing.<\/p>\n","protected":false},"excerpt":{"rendered":"
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