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Bombardier Completes Exit of Commercial Aviation

Bombardier Completes Exit of Commercial Aviation

Created: February 13, 2020 10:28 AM

MONTREAL (AP) - Bombardier Inc. is completing its exit from commercial aviation as the plane-and-train maker sells its remaining stake in the A220 jetliner for nearly $600 million.

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Bombardier said Thursday it has entered into an agreement with Airbus SE and the Quebec government in which the company has transferred its shares to Airbus and the province, its latest move to emerge from more than $9 billion in debt.

The A220, with 100 to 150 passenger seats, used to be known as the Canadian Bombardier C-Series.

The news comes as Bombardier reported a loss of US$1.61 billion for 2019 and rumors continue to swirl around the potential sale of one of its two main divisions later this year.

Copyright 2020 The Associated Press. All rights reserved.

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