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Thursday, February 12, 2015

Bombardier to raise $2 billion, shuffle leaders, after loss, (NYSE: UTX)

After reporting a quarterly loss, Bombardier Inc said Thursday it plans to raise more than $2 billion in equity and debt, suspend its dividends and shuffle its leadership, bringing in an outsider as chief executive.The Canadian plane and train maker, which is testing its new CSeries jet that has been plagued by delays and cost overruns, had said just last month it had enough liquidity to fund its development programs.A former United Technologies Corp executive, Alain Bellemare, will become chief executive on Friday, replacing Pierre Beaudoin, who will become executive chairman. Pierre Beaudoin's father, Laurent Beaudoin, will retire as chairman.The news comes as Bombardier reported a quarterly loss due to a $1.4-billion charge relating to its decision to suspend development of a new Learjet model, announced last month.

United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX remained unchanged at $118.69. In the past year, the shares have traded as low as $97.30 and as high as $121.02. On average, 4265140 shares of UTX exchange hands on a given day and today's volume is recorded at 0.