Bombardier puts LearJet 85 on hold

Bombardier has put the LearJet 85 program on hold, citing weak market demand.

The program had already been hit by several delays that saw the new $20.8 million twin-jet finally take to the skies in the second quarter of 2014, a year after the originally planned entry into service date.

The manufacturer says that it will take a special pre-tax charge of approximately $1.4 billion due to the suspension of of the LearJet 85 program.

The company also announced that it would be shedding approximately 1,000 of its workforce.

Shares in the Canadian manufacturer were trading 20 per cent lower following the announcement.