BY: The Canadian Press | PUBLISHED: Jun 26, 2019 7:41am EDT
Bombardier Inc. has reached a deal to sell its floundering regional jet program to Mitsubishi Heavy Industries Ltd. for US$550 million, cementing the plane-and-train maker's departure from commercial aviation following a three-decade run.
The definitive agreement paves the way for Bombardier to focus on its rail and business jet units, leaving it with roughly US$400 million in liabilities representing a portion of the credit and "residual value guarantees."