Bombardier Inc. is confronting sobering questions about its future following new share price lows and two credit rating downgrades.
The plane-and-train maker’s stock sunk to its lowest level in more than 25 years on Thursday, closing at 42.5 cents before falling a further eight per cent in midday trading Friday.
The nosedive presents unprecedented challenges for Eric Martel, while arrives Monday as CEO after the board announced Alain Bellemare’s departure last month.
A week earlier, Fitch Ratings cut Bombardier’s credit rating to CCC from CCC+ several days after the manufacturer suspended production in Canada, sending 12,400 workers on unpaid leave due to government requirements prompted by the COVID-19 pandemic.