9:29 P.M. Ottawa to give Bombardier MORE taxpayer money !!! … Kbec strikes again !!! …


The federal government ( US !!! … The taxpayer !!! ) said Tuesday it will provide $372.5 million in repayable loans to Bombardier, a move that elicited criticism over concerns that the company was being unfairly subsidized.

NO FUCKING KIDDING !!! The thing is perennially bankrupt , yet their executives are millionaires !!! …

The money would be handed out in instalments over four years to support the Global 7000 and CSeries aircraft projects, the government said. Most of the loans would go to the Global 7000 business aircraft program, which is scheduled to go into commercial service next year. The rest would go to the CSeries passenger jet, which was mired in delays and cost overruns prior to entering commercial service last year.

Several federal cabinet ministers made the announcement Tuesday evening at a Bombardier facility in Montreal. “The CSeries is an extraordinary plane,” Transport Minister Marc Garneau told a news conference. “It started out on a piece of paper and then became the best plane in the world in its class. This is something we should all be proud about.” Last year, Bombardier (TSX:BBD.B) 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. The company also sold a 30 per cent stake in its railway division to pension fund manager Caisse de depot for US$1.5 billion. Bombardier had also been appealing to Ottawa for US$1 billion in assistance since late 2015. “When Bombardier came to ask the government, they had particular needs,” Garneau said when asked why Ottawa hadn’t agreed to the US$1 billion request. “The situation has evolved — evolved in the sense that the Quebec government has since invested and so has the Caisse de Depot. There was an increase in the orders with Air Canada and Delta. The company has restructured in an important way.” Bombardier CEO Alain Bellemare welcomed the federal help.

Of course he did !!! … Why worry about running a productive , profitable company when you can just gouge tax dollars from everyone instead !!! …

Click the link below to read the whole bullshit and hit the video to listen to the asshole from Quebec try to defend it !! …


Source: Ottawa to give Bombardier $372.5 million in loans | CTV News


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