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ROBBIN L. ITKIN (SBN 117105) [email protected] DLA PIPER LLP (US) 2000 Avenue of the Stars Suite 400 North Tower Los Angeles, California 90067-4704 Tel: (310) 595-3000 Fax: (310) 595-3300
JOHN K. LYONS (Pro Hac Vice) [email protected] JEFFREY S. TOROSIAN (Pro Hac Vice) [email protected] JOSEPH A. ROSELIUS (Pro Hac Vice) [email protected] DLA PIPER LLP (US) 444 West Lake Street, Suite 900 Chicago, Illinois 60606-0089 Tel: (312) 368-4000 Fax: (312) 236-7516
Attorneys for Jonathan D. King as Chapter 7 Trustee
UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF CALIFORNIA
LOS ANGELES DIVISION
In re:
ZETTA JET USA, INC., a California corporation,
Debtor.
Lead Case No.: 2:17-bk-21386-SK
Chapter 7
Jointly Administered With: Case No.: 2:17-bk-21387-SK
Adv. Proc. No. 2:19-ap-01147-SK
DECLARATION OF JOHN K. LYONS IN SUPPORT OF MOTION TO COMPEL BOMBARDIER AEROSPACE CORPORATION TO DEPOSIT FUNDS INTO THE COURT REGISTRY OR OTHER APPROPRIATE COURT CONTROLLED ACCOUNT OR, IN THE ALTERNATIVE, FOR A MANDATORY PRELIMINARY INJUNCTION REQUIRING DEPOSIT OF FUNDS INTO THE COURT REGISTRY OR OTHER APPROPRIATE COURT CONTROLLED ACCOUNT
Hearing Date: April 8, 2020 Time: 10:30 a.m. (PDT) Courtroom: 1575
255 East Temple Street Los Angeles, CA 90012
Objection Deadline: March 25, 2020
In re:
ZETTA JET PTE, LTD., a Singaporean corporation,
Debtor.
JONATHAN D. KING, solely in his capacity as Chapter 7 Trustee of Zetta Jet USA, Inc. and Zetta Jet PTE, Ltd.
Plaintiff,
v.
CAVIC AVIATION LEASING (IRELAND) 22 CO. DESIGNATED ACTIVITY COMPANY; and BOMBARDIER AEROSPACE CORPORATION,
Defendants.
Case 2:19-ap-01147-SK Doc 91 Filed 03/09/20 Entered 03/09/20 12:09:17 DescMain Document Page 1 of 3
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I, John K. Lyons, declare and state:
1. I am over 18 years of age. I have personal knowledge of the facts set forth in this
declaration (the “Declaration”), and, if called as a witness, could and would testify competently with
respect thereto;
2. I am a partner of the law firm DLA Piper LLP (US) and counsel to the duly
appointed Chapter 7 trustee, Jonathan D. King (“Trustee”), in the jointly administered bankruptcy
cases of Zetta Jet USA, Inc. (“Zetta USA”) and Zetta Jet PTE, Ltd. (“Zetta PTE”, and together
with Zetta USA, the “Debtors”). I am licensed to practice law in the State of Illinois. I submit
this Declaration in support of the Motion to Compel Bombardier Aerospace Corporation to
Deposit Funds into the Court Registry or Other Appropriate Court Controlled Account or, in the
Alternative, for a Mandatory Preliminary Injunction Requiring Deposit of Funds into the Court
Registry or Other Appropriate Court Controlled Account (the “Motion”);1
3. Attached as Exhibit A to this Declaration is a printout of the article ‘50-50’
chance Bombardier will be in rail by 2025: Former Caisse exec, by Jeanie Tran and published
online by BNN Blomberg on January 17, 2020, available at www.bnnbloomberg.ca/50-50-
chance-bombardier-will-be-in-rail-by-2025-former-caisse-deputy-ceo-1.1375655.
4. Attached as Exhibit B to this Declaration is a printout of the article Bombardier’s
future in question after debt-reduction options being considered, published online by CTV News
on January 16, 2020, available at www.ctvnews.ca/business/bombardier-s-future-in-question-
after-debt-reduction-options-being-considered-1.4769981.
5. Attached as Exhibit C to this Declaration is a printout of the article Why
Bombardier (TSX:BBD.B) Stock Price Fell 36.3% in January, by Karen Thomas and published
online by MSN on February 3, 2020, available at www.msn.com/en-
us/money/savingandinvesting/why-bombardier-tsxbbdb-stock-price-fell-363percent-in-
january/ar-BBZBF1j.
1 Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Motion.
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EXHIBIT A
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EXHIBIT B
Case 2:19-ap-01147-SK Doc 91-2 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit B Page 1 of 6
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Bombardier's future in question after debt-reduction options being considered
The Canadian Press StaffContact
Published Thursday, January 16, 2020 9:51AM EST
Last Updated Thursday, January 16, 2020 5:44PM EST
BUSINESS
Page 1 of 13Bombardier's future in question after debt-reduction options being considered | CTV News
3/9/2020https://www.ctvnews.ca/business/bombardier-s-future-in-question-after-debt-reduction-opti...
Case 2:19-ap-01147-SK Doc 91-2 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit B Page 2 of 6
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MONTREAL -- The future of Bombardier Inc. is being called into question
after the company said it was actively considering alternatives to reduce its
staggering debt.
After exiting the commercial aircraft business, selling its aerostructures unit
and unloading a large tract of land in Toronto, the company said it is working
to reduce debt and "solve its capital structure." Bombardier's long-term debt
stood at more than US$9 billion as of Dec. 31, 2018.
"We are actively pursuing alternatives that would allow us to accelerate our
debt paydown. The objective is to position the business for long-term
success with greater operating and financial flexibility," it said in a news
release Thursday that warned about weaker financial results for 2019.
What that means is unclear, says Walter Spracklin of RBC Capital Markets.
Bombardier slashes outlook; pursues ways to boost balance sheet
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Page 2 of 13Bombardier's future in question after debt-reduction options being considered | CTV News
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Case 2:19-ap-01147-SK Doc 91-2 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit B Page 3 of 6
"What exactly this strategic alternative is constitutes the key 'wild card' in the
Bombardier stock," he wrote in a report, decreasing his target price by a third
to $2.
"The stock reaction reflects the ever-mounting liquidity concerns, with many
investors we talked to doubtful as to whether there is a solution."
The company's language suggests some urgency that can't be resolved by
just pushing out debt maturities, added Seth Seifman of JP Morgan.
"This suggests to us the potential to pursue strategic options, including a
breakup and sale of all or part of the company," he wrote. "It may include one
or both of Bombardier's two major businesses: bizjets and trains."
Cameron Doerksen of National Bank Financial says aviation would be the
most likely candidate for sale since transportation is a better stand-alone
business.
"Our math shows that if Bombardier did sell its aviation segment and used
the proceeds to de-lever and reacquire the Caisse de depot's stake in
Transportation, based on where pure-play rail equipment OEMs trade today,
Bombardier shares could be worth $3.87," he wrote. The pension fund
manager holds a 30 per cent stake in Bombardier Transportation.
The Caisse declined to indicate if it is interested in purchasing more of the
transportation unit, saying only that it supports "the continuing work of
Bombardier Transportation's management team to improve the subsidiary's
operating performance -- including the actions taken to address certain
legacy projects."
Bombardier's shares plunged 31.8 per cent to their lowest level in nearly four
years following its release, which pointed to a possible withdrawal from a
partnership with Airbus in the commercial aircraft previously called the C
Series. The stock closed down 57 cents to $1.22 in heavy trading of 60.2
million shares on the Toronto Stock Exchange.
Page 3 of 13Bombardier's future in question after debt-reduction options being considered | CTV News
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Case 2:19-ap-01147-SK Doc 91-2 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit B Page 4 of 6
The financial miss is mainly due to actions taken to resolve challenging rail
projects, the timing of milestone payments and new orders and the delivery
of four business jets slipping into the first quarter of 2020, the company said.
It said it is reassessing its ongoing participation in the Airbus partnership
about two years after giving up a controlling stake in the program to Europe-
based Airbus SE.
Airbus owns 50.06 per cent of the joint venture, Bombardier 33.58 per cent
and Quebec 16.36 per cent after injecting US$1 billion in 2016.
While the A220 program is gaining orders as it proves its value, additional
cash will be required to support the ramp-up of production, a delay in
reaching break-even and lower returns over the life of the program, it said in
a preliminary announcement of its fourth-quarter and 2019 results set to be
released Feb. 13.
"This may significantly impact the joint venture value," Bombardier said,
adding it will disclose any writedown next month.
Bombardier said it expects consolidated revenue for 2019 to total about
US$15.8 billion and consolidated adjusted earnings before interest, taxes,
depreciation and amortization of about US$830 million.
The company, which reports in U.S. dollars, had said in October it expected
revenue between $16.5 billion and $17 billion for the year and adjusted
earnings before interest, taxes, depreciation and amortization between $1.2
billion and $1.3 billion.
The company said it expects to earn zero adjusted EBITDA in the fourth
quarter on about $4.2 billion in revenues with losses in transportation offset
by earnings in aviation.
Page 4 of 13Bombardier's future in question after debt-reduction options being considered | CTV News
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Case 2:19-ap-01147-SK Doc 91-2 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit B Page 5 of 6
Consolidated free cash flow is expected to be around $1 billion in the fourth
quarter, about $650 million lower than anticipated. However, the shortfall is
expected to be recovered in 2020.
A total of 58 aircraft were delivered in the fourth quarter and 175 for the full
year, including 11 Global 7500s.
Industry analysts called the financial warning negative with some cutting their
price target for Bombardier's shares.
"The key question is how much closer is the company to solving these
issues, and what comfort can we get that new issues of similar scope and
magnitude will not recur," added Spracklin.
The operational issues of transportation and update on the A220 are
disappointing, said Benoit Poirier of Desjardins Securities.
"Nevertheless, we note that the value of the A220 program is not currently
reflected in Bombardier's stock and therefore management's decision to
review its strategic options for the program should unlock value through
deleveraging -- even at a depressed valuation," he wrote.
This report by The Canadian Press was first published Jan. 16, 2020.
RELATED IMAGES
Page 5 of 13Bombardier's future in question after debt-reduction options being considered | CTV News
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Case 2:19-ap-01147-SK Doc 91-2 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit B Page 6 of 6
EXHIBIT C
Case 2:19-ap-01147-SK Doc 91-3 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit C Page 1 of 4
Why Bombardier (TSX:BBD.B) Stock Price Fell 36.3% in
January
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Karen Thomas, MSc, CFA 2/3/2020
News out of Bombardier Inc. (TSX:BBD.B) in January has all but killed
any real hope that investors may have been holding on to for a rally in
Bombardier stock price. Last month highlighted once again the
company’s liquidity issues, and the company’s long-time struggle with
its three legacy rail projects.
© Provided by The Motley Fool, Inc little girl in pilot costume playing and dreaming of flying over the sky
Let’s take a closer look at the reasons why Bombardier stock price fell
a shocking 36.3% in January.
Bombardier pre-releases news of a lower than expected Q4
Fourth-quarter consolidated free cash flow is now expected to come in
at approximately $1 billion, $650 million lower than expected. As per © 2020 Microsoft Privacy & Cookies Terms of use
Page 1 of 6Why Bombardier (TSX:BBD.B) Stock Price Fell 36.3% in January
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Case 2:19-ap-01147-SK Doc 91-3 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit C Page 2 of 4
the company, “This is largely due to the timing of cash inflows from
milestone payments on large transportation projects, and the later-
than-anticipated closing of certain orders.”
The Bombardier Transportation division will see new costs and capital
expenditures to address legacy issues that have plagued the division.
This will result in $250 million to $300 million in new costs and capital
expenditures, all with the aim of transforming the business.
The division’s free cash flow will be negative $500 million versus prior
expectations of around break-even. Persistent structural problems and
the company’s inability to get itself back on track remain concerning.
Bombardier reviewing strategic alternatives
The continued disappointments and charges and missed expectations
are made worse by the company’s heavily indebted capital structure.
While it’s true that Bombardier’s capital structure problem dates back
a long time now, management has now realized that they will need an
external force to save it from imploding.
While this is a new realization on the part of management, it seems
that Bombardier stock price has been reflecting this dire situation for
some time now.
Bombardier has gone from a stock market darling in the late nineties
to a perpetual dog, as persistent and non-relenting disappointments
have caused the stock to crash and burn, tumbling from highs of more
than $25 in its heyday to under $1.50 today.
This has been a steep and shocking fall, and while the company has at
least survived, it is a mere speck of what it once was, destroying
massive amounts of shareholder value in the process.
So which strategic alternatives is the company exploring? With long-
term debt of more than $9 billion and a debt to market capitalization
ratio of 200%, Bombardier is feeling the pressure.
The commercial aircraft business has already been sold, and other
transactions have been made to alleviate the pressure. Yet, here they
are, with the same problem.
Possibilities for the company include a break-up and sale of all or part
of the company. The business jet business is performing better than
the transportation business, but what action the company will take
remains uncertain.
The only thing that seems certain is that something needs to be done
to raise money and get Bombardier out of the high-debt, high-risk
situation it is in.
Foolish bottom line© 2020 Microsoft Privacy & Cookies Terms of use
Page 2 of 6Why Bombardier (TSX:BBD.B) Stock Price Fell 36.3% in January
3/9/2020http://www.msn.com/en-us/money/savingandinvesting/why-bombardier-tsxbbdb-stock-pric...
Case 2:19-ap-01147-SK Doc 91-3 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit C Page 3 of 4
TOPICS FOR YOU
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After such a huge drop in Bombardier stock price, one might be
tempted to go in and buy. In my view, however, this isn’t the right
course of action, as the stock remains a very speculative proposition.
In closing, I would like to remind foolish investors of our belief in
holding great businesses for the long-term. While this belief remains
intact, we are also aware that sometimes, short-term stock price
movements create opportunities to create wealth.
Blending this long-term focus with a keen eye for short-term stock
mispricings, we can use both strategies in harmony, and our quest for
financial freedom can be fulfilled. In the case of Shopify stock, taking
some money off the table at this point might be a good move.
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More reading
Uh Oh! The Bombardier (TSX:BBD.B) Situation Got Even Worse!
Is Bombardier (TSX:BBD.B) Stock a Buy as a Takeover Play?
ALERT: 2 Top Canadian Stocks That Just Sent off a Buy Signal
2 Canadian Aerospace Stocks With Wildly Different Price Trends
TFSA Investors: Is Bombardier (TSX:BBD.B) Stock Now Oversold?
Fool contributor Karen Thomas has no position in any of the stocks
mentioned.
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Page 3 of 6Why Bombardier (TSX:BBD.B) Stock Price Fell 36.3% in January
3/9/2020http://www.msn.com/en-us/money/savingandinvesting/why-bombardier-tsxbbdb-stock-pric...
Case 2:19-ap-01147-SK Doc 91-3 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit C Page 4 of 4
EXHIBIT D
Case 2:19-ap-01147-SK Doc 91-4 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit D Page 1 of 5
Aerospace & Defense
I offer an insider’s view of the business of flight.
Airbus Buys Bombardier Out Of Commercial Aviation For $591 Million
Marisa Garcia Senior Contributor
Airbus and the government of Québec have become the sole owners of the
A220 program with the exit of Bombardier, which developed the plane but was
driven to the brink of bankruptcy by the spiraling costs of the ambitious
program. The deal marks Bombardier’s exit from commercial aviation, with
more divestitures expected as the Canadian manufacturer tries to reduce its
crushing debt load of $9.7 billion.
Page 1 of 8Airbus Buys Bombardier Out Of Commercial Aviation For $591 Million
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Case 2:19-ap-01147-SK Doc 91-4 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit D Page 2 of 5
10 July 2018, France, Toulouse: Airbus commercial aircraft CEO Guillaume Faury delivers a speech in ... [+] PICTURE
ALLIANCE VIA GETTY IMAGES
Bombardier will receive $591 million, net of adjustments, for its stake in the
A220 program, of which $531 million was paid at closing with $60 million to be
paid in installments through 2021. Bombardier also said the deal will allow it
avoid paying roughly $700 million it would have been on the hook for to fund
an expansion of production of the 100- to 150-seat single aisle plane.
Bombardier gave Airbus a 50.01% share in the program, formerly known as the
CSeries, in 2017, to stem the financial bleeding. The cost of developing the
plane had almost doubled to $6 billion and sales had been disappointing amid
a fierce competitive response by Airbus and Boeing.
Today In: Aerospace & Defense
Through this transaction, which had immediate effect, Airbus holds 75% of
Airbus Canada. The Government of Québec has increased its holding to 25%
without further cash investment. Airbus can redeem the remaining government
stake by 2026.
Airbus has also acquired Bombardier’s work packages for the A220 and A330
which will be transferred to Airbus subsidiary Stelia Aerospace in Québec,
securing employment for 360 people. In all, Airbus will employ over 3,300
people in Québec.
Bombardier also announced a $1.7 billion loss for the fourth quarter and a $1.6
billion loss for the full year due to problems in its rail division.
Following the sale of its Q400 turboprop line to Viking Air and of its CRJ
regional jets to Mitsubishi Heavy Industries, the deal marks Bombardier’s exit
from commercial aviation. “We are incredibly proud of the many achievements
and tremendous impact Bombardier had on the commercial aviation industry,”
said Bombardier CEO Alain Bellemare. “We are equally proud of the
Page 2 of 8Airbus Buys Bombardier Out Of Commercial Aviation For $591 Million
3/9/2020https://www.forbes.com/sites/marisagarcia/2020/02/13/airbus-buys-bombardier-out-of-com...
Case 2:19-ap-01147-SK Doc 91-4 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit D Page 3 of 5
responsible way in which we have exited commercial aerospace, preserving jobs
and reinforcing the aerospace cluster in Québec and Canada.”
François Legault, the Premier of Québec, said: “We have succeeded in
protecting paying jobs and the exceptional expertise developed in Québec,
despite the major challenges we faced in this regard when we took office. ... By
opting to strengthen its presence here, Airbus has chosen to focus on our
talents and our creativity.”
Airbus expects the single-aisle market to continue growing, up to 70% of
projected global future demand for aircraft. At 100 to 150 seat capacity, the
A220 complements Airbus’ single aisle aircraft with capacity from 150-240
passengers.
The A220 program has proven successful for Airbus so far. Airbus reports total
cumulative net orders for the aircraft have increased by 64% from when the
European airframe manufacturer first acquired the program in July 1, 2018,
resulting in net orders of 658 units as of the end of January. A total of 107 A220
aircraft are currently in service with seven airlines on four continents. In 2019,
Airbus delivered 48 A220s and plans further ramp-up of production.
At the Singapore Air Show, Airbus announced that it had signed an
Memorandum of Understanding with Green Africa Airways, Nigeria’s Lagos-
based airline for 50 A220s.
Boeing’s planned acquisition of a majority stake in Embraer’s commercial
aviation unit, which would help the U.S. manufacturer compete in the regional
space with Airbus’ broader narrow-body catalog, has gained approval in Brazil
but is still facing anti-trust scrutiny in the EU.
Bombardier is also reported to be in talks to sell its rail division to Alstom and
its business jet division to Textron.
Page 3 of 8Airbus Buys Bombardier Out Of Commercial Aviation For $591 Million
3/9/2020https://www.forbes.com/sites/marisagarcia/2020/02/13/airbus-buys-bombardier-out-of-com...
Case 2:19-ap-01147-SK Doc 91-4 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit D Page 4 of 5
Follow me on Twitter or LinkedIn. Check out my website.
Marisa Garcia
I worked in aviation from 1994-2010 before turning my experience to writing about airlines and
airports for leading industry and consumer publications in 2013. I’ve spent… Read More
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Page 4 of 8Airbus Buys Bombardier Out Of Commercial Aviation For $591 Million
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Case 2:19-ap-01147-SK Doc 91-4 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit D Page 5 of 5
EXHIBIT E
Case 2:19-ap-01147-SK Doc 91-5 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit E Page 1 of 4
3/9/2020 Bombardier Inc. Class B Subordinate Voting Shares [BBD.B] | Bombardier Inc. Class B Subordinate Voting Shares Stock Price History | T…
https://web.tmxmoney.com/pricehistory.php?qm_symbol=BBD.B 1/3
Bombardier Inc. Class B Subordinate Voting Shares
TSX Exchange | Mar 9, 2020, 8:07 AM EDT | Real-time price
BBD.B $ 0.92 RTCHANGE-0.04 (-4.1667%)VOLUME15,277,513Day Low: 0.00Day High: 0.0052 Week Low: 0.8852 Week High: 2.93
Price History for Bombardier Inc. Class B Subordinate Voting Shares
Bombardier Inc. Class B Subordinate Voting Shares (BBD.B)
$ 0.92 -0.04 | -4.17%Bid: 0.89 x 128000 Ask: 0.89 x 122500March 6, 2020 4:00 PM EDT Volume: 15,277,513CAD | TORONTO STOCK EXCHANGE | REAL-TIME PRICE | MARKET CLOSED
Price History
Volume
0.75
1
1.25
1.5
1.75
2
Feb, 10Feb, 12
Feb, 18Feb, 20
Feb, 24Feb, 26
Feb, 28Mar, 3
Mar, 5
2020-03-06 0.93 0.94 0.88 0.92 0.9109 15.28m -4.17% -0.04 13,915,800.00
# Trades: 5,826
Date Open High Low Close VWAP Volume % Chg $ Chg Trade Val
Case 2:19-ap-01147-SK Doc 91-5 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit E Page 2 of 4
3/9/2020 Bombardier Inc. Class B Subordinate Voting Shares [BBD.B] | Bombardier Inc. Class B Subordinate Voting Shares Stock Price History | T…
https://web.tmxmoney.com/pricehistory.php?qm_symbol=BBD.B 2/3
History Snapshot for Bombardier Inc. Class B Subordinate Voting Shares
Price History for Bombardier Inc. Class B Subordinate Voting Shares (BBD.B)
Symbol: BBD.B
Date: 2020-03-06
Unadj. Open: 0.93
Unadj. High: 0.94
Unadj. Low: 0.88
Unadj. Close: 0.92
VWAP: 0.9109
Volume: 15.28m
$ Chg: -0.04
% Chg: -4.17%
Showing 1 to 19 of 19 entries 1
2020-03-05 1.00 1.02 0.93 0.96 0.9684 13.18m -4.95% -0.05 12,762,882.00
2020-03-04 1.05 1.05 1.00 1.01 1.0193 7.88m -1.94% -0.02 8,037,103.00
2020-03-03 1.10 1.11 1.00 1.03 1.0472 11.82m -2.83% -0.03 12,373,762.00
2020-03-02 1.02 1.09 0.98 1.06 1.0403 28.33m 10.42% 0.10 29,756,106.00
2020-02-28 1.07 1.09 0.95 0.96 0.9908 38.08m -14.29% -0.16 37,742,115.00
2020-02-27 1.18 1.20 1.07 1.12 1.1219 8.86m -5.08% -0.06 9,940,690.00
2020-02-26 1.21 1.225 1.17 1.18 1.1824 22.38m -1.67% -0.02 26,461,080.00
2020-02-25 1.21 1.31 1.18 1.20 1.2312 12.07m -0.83% -0.01 14,856,551.00
2020-02-24 1.15 1.245 1.15 1.21 1.1994 11.03m -3.20% -0.04 13,223,391.00
2020-02-21 1.39 1.39 1.24 1.25 1.2746 22.64m -10.71% -0.15 28,857,543.00
2020-02-20 1.45 1.48 1.40 1.40 1.4259 9.92m -4.11% -0.06 14,150,925.00
2020-02-19 1.49 1.56 1.43 1.46 1.4902 10.92m -2.01% -0.03 16,278,168.00
2020-02-18 1.81 1.82 1.42 1.49 1.5704 40.34m -9.70% -0.16 63,354,751.00
2020-02-14 1.64 1.74 1.57 1.65 1.6534 17.67m -1.20% -0.02 29,215,536.00
2020-02-13 1.58 1.72 1.43 1.67 1.588 32.28m 6.37% 0.10 51,261,286.00
2020-02-12 1.44 1.57 1.40 1.57 1.512 29.81m 10.56% 0.15 45,064,531.00
2020-02-11 1.49 1.50 1.40 1.42 1.4366 11.40m -5.33% -0.08 16,382,981.00
2020-02-10 1.50 1.52 1.465 1.50 1.4961 13.50m 2.04% 0.03 20,195,109.00
Date Open High Low Close VWAP Volume % Chg $ Chg Trade Val
Case 2:19-ap-01147-SK Doc 91-5 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit E Page 3 of 4
3/9/2020 Bombardier Inc. Class B Subordinate Voting Shares [BBD.B] | Bombardier Inc. Class B Subordinate Voting Shares Stock Price History | T…
https://web.tmxmoney.com/pricehistory.php?qm_symbol=BBD.B 3/3
g
Trade Val: 13,915,800.00
# Trades: 5,826
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Case 2:19-ap-01147-SK Doc 91-5 Filed 03/09/20 Entered 03/09/20 12:09:17 DescExhibit E Page 4 of 4