Bombardier to cut 5,000 jobs, including some in Wichita

Bombardier cutting about 5,000 jobs as part of restructuring plan

The firm will also sell its Q Series aircraft for $900m (£687m) and the de Havilland trademark for $300m.

He noted that the massive loan came with a commitment to maintain or create 5,300 positions, but said he was "disappointed with the jobs being lost".

Bombardier also reported it would sell some of its non-core assets, which it hopes will generate about $900 million. The Quebec government had to come to its rescue in 2015 with a $1 billion bailout in exchange for a 16.44 per cent stake in the CSeries, leaving Bombardier with 33.55 per cent ownership.

Bombardier is also reaffirming its 2020 financial targets, even after the divestiture of the Q Series program and Business Aircraft's flight and technical training activities.

Bombardier Chief Executive Officer (CEO) says the company is on track to meet turnaround goals Bombardier's revenue for the third quarter was $3.6 billion U.S. a drop of about five percent from the same period in 2017. And the overhaul might not be over yet, with Bombardier saying it's exploring strategic options for its CRJ regional jet program. "We can not accept any further losses of functions from Northern Ireland, they are undermining the long-term sustainability of the company's presence here", she said.

"In addition to right-sizing and redeploying central engineering, Bombardier has launched a company-wide restructuring initiative focused on optimizing production and management processes, flattening management structures and further reducing indirect costs". Bombardier bought the company's Canadian unit, and the name, in 1992.

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Bombardier has been undergoing massive changes under Chief Executive Alain Bellemare, with multiple rounds of job cuts and waves of asset sales in recent years.

Bombardier forecast 2019 revenue to increase by 10 per cent to at least $18 billion, powered by more deliveries of its Global 7500s.

Revenue in what was the company's third quarter totalled US$3.64 billion, down from US$3.84 billion a year ago.

In the third quarter, adjusted earnings rose to 4 cents a share, topping the 2 cent average of analyst estimates compiled by Bloomberg. The company burned through US$370 million of cash in the period, an improvement from the US$495 million it used a year earlier.

In the third quarter, the commercial aircraft business recorded a loss of US$9 million before interest, taxes and special items.

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