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Sun, Aug 09, 2009

Canada Loans $173 Million To Bombardier

Money Dependant On Firm Sales Contracts

Bombardier reportedly will receive a $173 million (US) loan from the Canadian government so that it can deliver as many as 8 aircraft to Scandinavian Airlines of Sweden (SAS).

Trade Minister Stockwell Day said in a statement that the funds for completion of the Q400 and CJR900 aircraft ordered by SAS will be routed through Export Development Canada (EDC), a government-run credit agency dealing with companies that produce goods for export. The money is will only be disbursed when a firm sales agreement between SAS and Bombardier is reached.

The international news service AFP reports that SAS and Bombardier have had a strained relationship in the past. SAS grounded 27 Dash 8 Q400 aircraft after the airline experienced several accidents involving the landing gear. An investigation concluded that corrosion, and not a design flaw, was the cause.

Bombardier eventually compensated SAS for the landing gear issues, and SAS planned to order new planes.

FMI: www.bombardier.com, www.edc.ca/english/index.htm

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