Quebec set to finalize US$1 billion CSeries funding
By Ross MarowitsGeneral Aerospace Bombardier CSeries Funding
Quebec Premier Couillard says the government's goal is to finalize the deal for June 30.
MONTREAL — Premier Philippe Couillard says Quebec is on track to finalize its US$1 billion investment in Bombardier’s CSeries program soon.
The premier says the situation is progressing well and a deal should be in place by the end of the month.
Couillard says the government’s goal is to finalize the deal for June 30 but adds it won’t be a problem if the final text isn’t completed until the Farnborough Air Show that gets underway July 11.
A deal would allow the government to make its first US$500-million payment, which has been delayed since April 1.
Bombardier 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.
The first planes are slated to enter into service with Swiss Airlines in July.
The premier said Quebec’s timely intervention in the CSeries commercial aircraft program was key for securing orders from Air Canada and Delta Air Lines.
Couillard urged the federal government to conclude its own talks and participate in “the most important and exciting innovation project in Canada.”
Federal Finance Minister Bill Morneau says the Trudeau government continues to talk with Bombardier about providing US$1 billion in funding.
“We are working hard on this file,” he said Monday.
“The sector is important for us and it’s critical that we continue to consider how we can best be supportive.”
Ottawa has reportedly pushed Bombardier to change its voting structure, something the founding family insists it has no intention of doing.