Thu, Dec 16, 2004
Mounties To The Rescue!
Canadians will not sit idly by and
watch Bombardier die. That's the word from Ottawa, where lawmakers
are making ready a bail-out package for the transportation giant
worth at least CAN $300 million.
"You cannot just look at a company that's in a crisis point and
say, 'Well, we're going to let it die, and live with the ripple
effects,' because those ripple effects can be profound," Industry
Minister David Emerson told reporters Tuesday. "They can be
irreversible, and I for one am not going to stand by and watch that
happen to a very important sector of Canadian industry." He was
quoted in the Globe and Mail.
The announcement from Ottawa came just one day after Bombardier
sacked Paul Tellier, its president and CEO. He'll be replaced by
three people in what's widely seen as the first move in a big
The sentiment for a bail-out seemed pretty popular in
Bombardier's home province of Quebec, where some 25,000 people work
for the company. The government in Quebec has pledged CAN$750
million in loan guarantees, bringing the province's total outlay
for Bombardier to $2.3 billion.
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