March 24, 2020 | Local, Aerospace
Bombardier recently announced that in light of provincial shutdowns by the governments of Ontario and Quebec, the OEM would be suspending production of its business aircraft, effective at the end of the business day on March 24. The production halt will also include its rail operations and will stay in effect until at least April 26.
On March 23, both Ontario and Quebec announced the shutdown of all non-essential work within the provinces to “flatten the curve” of the spread of COVID-19. Ontario's shutdown is poised to last two weeks, while Quebec's will last until at least April 13.
Bombardier's line of Challenger aircraft, along with a number of aircraft components, are produced in Quebec at sites in Dorval and Mirabel, while most of the company's Global line — including the Global 5500, 6500 and 7500 — are produced at the company's Downsview facility near Toronto, Ont.
The company said in a statement that all employees impacted by the shutdown will be placed on furlough, while Bombardier's CEO Alain Bellemare, along with its senior leadership team, have agreed to forgo “board compensation” for the rest of 2020.
“Since the coronavirus outbreak, the company has been focused on keeping our employees safe, serving our customers to the best of our ability during these difficult times and taking the necessary actions to protect our business for the long term,” said Pierre Beaudoin, chairman of Bombardier's board of directors, in the statement. “In addition to the actions announced today, Bombardier has cut all
discretionary spending, is continuing the work on closing the previously announced transactions and is pursuing additional measures to enhance liquidity.”
According to Reuters, employees at Bombardier's Downsview facility were sent home early on March 23 after a contractor tested positive for the coronavirus. The worker had gotten sick a week earlier, and had stopped going into work and has since received the positive test.
In the same statement announcing the production halt, Bombardier also announced it will be suspending its financial outlook for 2020. Undoubtedly a tough turn of events for the Canadian manufacturer, who have made recent strides to help combat the company's overwhelming debt. Earlier this year the company announced the sale of its stake in the C Series with Airbus (now named the A220 program), and the sale of its rail division to the French company Alstom.
https://www.skiesmag.com/news/bombardier-suspends-canadian-operations
September 5, 2023 | Local, Aerospace, Security
Norwegian defence equipment maker Kongsberg Gruppen said on Tuesday it has won an order worth around 16 billion crowns ($1.5 billion) from Poland for four Naval Strike Missile (NSM) Coastal Defence System (CDS) squadrons.
January 16, 2019 | Local, Naval
HONG KONG, Jan. 15, 2019 /CNW/ - Seaspan Corporation (NYSE: SSW) ("Seaspan") announced today the closing of the second tranche of the $1 billion aggregate investment commitment by Fairfax Financial Holdings Limited and its affiliates (collectively, "Fairfax") in Seaspan. As with Fairfax's initial $500 million investment in Seaspan, and pursuant to definitive agreements entered into on March 13, 2018 and announced on March 14, 2018, this second tranche of funding (the "Second Fairfax Investment") is structured as a $250 million issuance of (i) 5.50% senior notes due 2026 and (ii) approximately 38.46 million warrants (the "2019 Warrants"). Pursuant to a definitive agreement entered into and announced on May 31, 2018, Fairfax has agreed to immediately exercise the 2019 Warrants at an exercise price of $6.50per warrant, for additional equity proceeds to Seaspan of $250 million. As a result, Seaspan's aggregate proceeds from the Second Fairfax Investment will be $500 million. This brings Fairfax's total investment in Seaspan to $1 billion, the proceeds of which will be used to fund future growth initiatives, repay debt and for general corporate purposes. With the closing of the Second Fairfax Investment, Fairfax's aggregate shareholdings in Seaspan are 76.9 million Class A common shares or approximately 36% of shares outstanding. Fairfax continues to hold the 25 million seven year warrants, with an exercise price of $8.05, which were issued to it on July 16, 2018. Summary of Fairfax Investments1 Investment Date Issued/Exercised Proceeds to Seaspan 2025 Notes February 14, 2018 $250 million 2018 Warrants July 16, 2018 $250 million 2026 Notes January 15, 2019 $250 million 2019 Warrants January 15, 2019 $250 million 1 Does not include the 25 million seven year warrants outstanding as of the date hereof David Sokol, Chairman of Seaspan Corporation commented, "The closing of this follow-on Fairfax investment bolsters Seaspan's balance sheet for the future. Seaspan's management team and Board of Directors are proud to continue building upon the strong partnership created with Fairfax. This additional investment will enhance Seaspan's ability to execute on our long-term goals of deleveraging, strengthening our balance sheet, and creating value through disciplined and thoughtful capital allocation." Prem Watsa, Chairman and Chief Executive Officer of Fairfax said, "With the closing of this investment, we are excited to expand our partnership with Seaspan, which now represents one of Fairfax's largest investments." About Seaspan Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners. Seaspan's operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU, an average age of approximately 6 years and an average remaining lease period of approximately 4 years, on a TEU-weighted basis. Seaspan has the following securities listed on The New York Stock Exchange: Symbol: Description: SSW Class A common shares SSW PR D Series D preferred shares SSW PR E Series E preferred shares SSW PR G Series G preferred shares SSW PR H Series H preferred shares SSW PR I Series I preferred shares SSWN 6.375% senior unsecured notes due 2019 SSWA 7.125% senior unsecured notes due 2027 SSW25 5.500% senior notes due 2025 About Fairfax Financial Holdings Limited Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Investor Inquiries: Mr. Matt Borys Investor Relations Seaspan Corporation Tel. +1-778-328-5340 Email: mborys@seaspanltd.ca SOURCE Seaspan Corporation https://www.newswire.ca/news-releases/seaspan-announces-closing-of-second-500-million-investment-by-fairfax-financial-holdings-limited-848167000.html
August 10, 2018 | Local, Naval
DAVID PUGLIESE, OTTAWA CITIZEN Atlantic Towing Limited of Saint John, New Brunswick, has been awarded a three-year contract worth $67 million for the lease of two emergency offshore towing vessels that will operate in the waters off the coast of British Columbia. The vessels are capable of towing large commercial ships in distress, such as tankers and container ships, before they get too close to shore, according to the federal government. As part of the contract, Atlantic Towing Limited will also provide training in offshore emergency towing to Canadian Coast Guard personnel and partners, including Indigenous communities, involved in marine safety. The contract fulfills an immediate operational need to have vessels available as soon as possible, while the federal government works on developing a long-term strategy for emergency towing, the government noted in a news release. Full article: https://ottawacitizen.com/news/national/defence-watch/canadian-government-to-lease-two-emergency-towing-vessels