Bombardier signs agreement for $1bn investment from Quebec
The C Series Aircraft Limited Partnership is the partnership to which the assets, liabilities and obligations of the C Series aircraft program will be transferred.
The disbursement of the investment is expected to occur in two $500 million payments, on June 30, 2016 and on September 1, 2016. Upon completion of the investment, the CSALP will be 50.5%-owned by Bombardier and 49.5%-owned by the Government of Quebec, through its mandatary, Investissement Quebec.
Bombardier will maintain operational control of the C Series program and consolidate its financial results. Fred Cromer will serve as President of the CSALP, and continue in his current role.
The Board of Directors of CSALP will consist of five directors, three of whom will be proposed by Bombardier and two by the Government of Quebec. Daniel Johnson will serve as chairman of the Board of Directors of the CSALP.
As previously reported, the investment has been approved by Bombardier's board and the cabinet of the government of Quebec and remains conditional upon the satisfaction of other customary conditions.
The $1 billion investment will be used entirely for cash flow purposes of the CSALP. ■