The parent company of Wichita’s Learjet has received the second and final installment of a $1 billion investment by the government of Quebec in its new C Series airliner.
Bombardier Inc. said Friday that the $500 million installment to the C Series Aircraft Limited Partnership was received on Thursday.
As a result of the investment, Bombardier issued warrants that can be exercised to purchase 50 million Class B shares in the capital of Bombardier. The warrants were issued in the name of Investissement Québec, which is acting as the agent for the Quebec government.
The investment gives Quebec a 49.5 percent stake in the C Series program.
Bombardier sought the investment from its home government because of costly delays in the production and certification of its first narrowbody jetliner. Those cost overruns and delays were draining the company of cash, and occurred at the same time Bombardier was developing its large-cabin, long-range Global 7000 business jet and the Learjet 85.
Bombardier in early 2015 initially paused production of the Learjet 85, causing the layoff of 600 workers in Wichita, and later that year canceled the program that was to be the largest Learjet ever made.
In June, Bombardier delivered its first C Series CS100 to Swiss International Airlines. Other major customers for the C Series include Air Canada and Delta Air Lines.
It has 300 firm orders for the CS100 and the larger CS300.