MONTREAL – Quebec’s premier said he expects confidential issues will soon be resolved to finalize the province’s US$1 billion funding deal for Bombardier’s CSeries passenger jet program.
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Philippe Couillard said the province’s first payment to the company will be made when issues including liquidity are dealt with.
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The first of two installments to Bombardier was originally due April 1 and Bombardier said it is aiming to have the overall deal completed by the end of June.
Bombardier (TSX:BBD.B) has a lot riding on the success of the CSeries aircraft, which is two years behind schedule and has incurred about US$2 billion in cost overruns.
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The Montreal-based firm has also sought US$1 billion from the federal government, assistance that Couillard said would give “an extra layer of certainty” to the CSeries program.
After speaking at an aerospace conference, Couillard said he is confident the federal government will join its efforts to support the project.
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