'Night and day': Bombardier CEO says turnaround plan is working
BNN Bloomberg
After years of accumulating debt and burning through cash, Bombardier’s chief executive officer said the aerospace company’s balance sheet is now in much better shape than it was just 12 months ago.
After years of accumulating debt and burning through cash, Bombardier’s chief executive officer said the aerospace company’s balance sheet is now in much better shape than it was just 12 months ago.
“It’s night and day compared to where we were about a year ago,” Éric Martel said in an interview Tuesday.
Bombardier has been focused on repaying and refinancing its debt so its next upcoming maturity won’t be until December 2024.
“We've been able to reimburse about $3 billion so far on our balance sheet this year,” Martel said. “We've been also able to re-sequence our debt maturity.
“We had about seven [maturities] that needed to be addressed this year and next year. They've all been taken care of up to the one we had in January 2023. So again, the next one in front of us is December 2024, giving us plenty of time to be ready for the next different step on our strategy.”
Bombardier has been executing on its turnaround plan after having experienced its fair share of struggles over the years.
