Last Resort - CCAA or "Nationalization" ?As I just posted, CCAA (Chapter 11) chances are slim and none. Push comes to shove, the company would be "nationalized". We have seen what Quebec is prepared to do SO FAR:
#1 took over Bombardier's position in ACLP the joint venture with Airbus for the production of C series commercial jet. Not only Bombardier got some money from Airbus but they washed their hands of the liabilities (that they foolishly created themselves). Its likely Quebec will get their new marbles back (the ones originally put in by the Couillard (foolishly) government though have already been written down) but its going to take a while.
#2 arranged the sale of Bombardier Transportation to Alstom - of course CDPQ is "independent" of Quebec government and CDPQ made a big profit but that big profit was already set when the $1.5B mezzanine debt agreement was (foolishly again) consummated. By not only supporting the sale but doing everything possible to make it happen, CDPQ was simply crystallizing that gain. A 3rd party in my opinion would have done the deal but they would have taken the business over in the interim to avoid any issues and disentangle their investment from the rest of Bombardier.
#3 Blessed the "transfer" of Hydro Quebec's CEO (Quebec's largest and most prestigous Crown Corporation by far with 19,000 employees (12,012 back in the day) to Bombardier.
#4 draw your own conclusions
#5 draw your own conclusions
#6 draw your own conclusions