Bombardier secures up to US$1 billion in credit, cites improved cash usage, shares rise

REUTERS: Bombardier Inc said on Wednesday it had secured a loan of up to US$1 billion and used US$500 million less cash in the second quarter than estimated, signaling it would have enough liquidity to weather the COVID-19 pandemic.The Canadian corporate aircraft and train maker has pulled its 2020 forecast and announced job cuts as the health crisis pummels demand for high-margin private jets.

The loan will provide additional liquidity for working capital as Bombardier realigns its production rates with current market conditions, the company said. As of June 30, Bombardier said it had about US$1.7 billion cash on hand and US$2.4 billion in liquidity.

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Bombardier secures up to US$1 billion in credit, points to improved cash usageBombardier Inc said on Wednesday it secured a loan of up to US$1 billion and its second-quarter cash usage was expected to be about US$500 ...
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