No question airplane manufacturing is a capital intensive business and Bombardier has had a spotty record of repaying loans.

The US on the other hand subsidises Boeing and others through military contracts and would not hesitate to bail them out if they got into trouble like they have with car manufacturers and banks.

The issue in my mind is that Bombardier has repeatedly come back to the well vs only coming in an emergency. This indicates a chronic management problem. 

Secondly, the loosy goosy loan arrangements just look like a subsidy and attract retaliation (from US and Brazil).

The Federal and Quebec governments should take a more disciplined approach with Bombardier. Put assets up for collateral and establish a firm loan repayment scheme. This will be positive for taxpayers and keep them out of hot water with our free trade partners. If the government ends up owning it because of default - no problem. They can sell it to Boeing or Embraer or Airbus.