Bombardier Aerospace has anntunced that it is terminating the agreements for the sale of its aircraft to fractional airline Jet Republic. All firm and conditional agreements have been cancelled by the manufacturer of Learjet and Global Express aircraft because of the European fractional’s troubled financial situation.
The order for 110 Learjet 60 XR aircraft, 25 firm and 85 conditional orders, were valued at $1.5B. The Portuguese jet operation originally announced the order on June 20th, 2008.
Operations have cesced for Jet Republic primarily due to the worsening economic condtions and securing financing for the company.
Bombardier Aerospace currently has an order backlog of $47.4B as of the Q1 2009 report, issued April 30, 2009.