There’s much debate over how aggressive Tellier will be in unloading assets to reduce debt. TD Newcrest analyst Brian Morrison predicted last month that the company is facing writeoffs of anywhere from $1 billion to $3 billion for a grab-bag of items, including changes to how it accounts for aerospace-development costs, impaired assets at its Bombardier Capital financing arm and pension-plan liabilities. Tellier, who took over Bombardier in January, has said he wants to clean up its murky books, consolidate its businesses after years of rapid growth and improve corporate governance. The stock closed yesterday in Toronto at $3.24, down 24 cents, or almost seven per cent, on the day. The company has since seen its credit ratings downgraded to just above junk status and the Class B stock price has fallen from an all-time high of $26.70 in August 2000 to eight-year lows. Another 350 jobs are being slashed in the railcar manufacturing division. 31 were half its earlier guidance and announced plans to cut 3,000 aerospace jobs to counter a global slump that has been particularly hard on the corporate-jet business. In early March, Bombardier warned profits for the year ended Jan. “I don’t think he would want to go back to the well and say: ‘Oops, I underestimated the extent of the problems.'” “You only a have one chance to make a first impression and given Tellier’s reputation, he needs to be decisive,” said Ross Healy, head of Strategic Analysis Corp., an investment research firm in Toronto. Today, he will put his stamp on Bombardier with a plan aimed at putting the company on the right track after a year of bad news and plummeting share value.Īnalysts are predicting the tough-minded Tellier won’t shy away from taking painful measures such as announcing huge writedowns, asset sales and perhaps an equity issue worth up to $1.5 billion to shore up the company’s leveraged balance sheet. from a fat crown corporation into a stock-market darling. Tellier made his reputation by swinging a sharp axe to transform the Canadian National Railway Co.
MONTREAL - Today will be one of the most critical days in the history of Bombardier Inc., once a glittering jewel of Canadian manufacturing that is now in need of a radical restructuring plan.īombardier’s new chief executive officer, Paul Tellier, is expected to announce tough measures to stem a financial crisis at the giant plane, train and snowmobile maker when the company posts its fourth-quarter and yearend results today in Toronto.
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