Bombardier has announced a recapitalisation programme featuring an equity offering of at least $800 million and planned divestitures, including Bombardier Recreational Products, expected to raise in excess of $1.5 billion.

The results also include a reduction of dividend, change in governance structure and a bank covenant amendment. Bombardier Capital is to focus on only two portfolio categories, while new accounting policies are to be adopted to enhance investor understanding of the corporation’s performance.

Consolidated revenues for fiscal 2003 are predicted at $23.7 billion with a net loss of $615.2 million after non-cash special items of $1.3 billion ($959.7 million after tax). Free cash flow is $801.4 million, with an order backlog of $44.4 billion.