Bombardier Inc. has delayed the commercial debut of its Global 7000 business jet by two years, the most recent in a string of setbacks.
The Global aircraft were originally planned to make their debut sometime next year, but the circumstances at hand have pushed that date back to the end of 2018.
The Canadian aerospace company has fallen on hard times this year, as they have seen their debt grow massively with all the delays in their CSeries commercial program. The CSeries and Global families have made Bombardier raise approximately $3 billion in debt and equity for adequate financing.
Bombardier is predicting the 7000 and 8000 airplanes will make up for this, contributing as much as $3 billion in yearly sales once it is entered into service. It is a unique aircraft, in that it is one of the longest range business jets. It will have a range of 7,300nm and seat up to seventeen passengers.
Getting the plane ready has proven to be a difficult task for them, however. Bombardier CEO Alain Bellemare expressed these sentiments of the hardships presented from making this one-of-a-kind aircraft.
"Creating an aircraft of this unique caliber with no compromise in terms of performance and comfort is challenging,” Bellemare was quoted by Bloomberg.
The company has already had to make several cutbacks this year with all the problems they are having. First, they confirmed plans to scale down the production of Global 5000 and Global 6000 business jets due to issues with China, Russia, and Latin America. Also, the firm stopped its Learjet 85 business aircraft development program. These factors have contributed to putting about 1,700 jobs at risk.
Stocks at Bombardier have dropped fifty-seven percent this year, including a drop of nearly ten percent just last week. They are currently sitting at $1.63 per share.
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