Bombardier Inc. on Thursday said the Quebec government had agreed to invest $1 billion in the company's CSeries aircraft program, a move that comes as the plane maker booked a $3.2 billion CSeries-related impairment charge in the third quarter and canceled its Learjet 85 business-jet program.

Montreal-based Bombardier has been scrambling to deliver its much-delayed CSeries aircraft amid a looming cash squeeze.

The company said the impairment charge for the CSeries comes after an in-depth review of the program and talks with the Quebec government.

"We are taking the right actions and we have solidified our liquidity position, giving us the confidence to execute our long-term strategic plan," Chief Executive Alain Bellemare said in the company's earnings statement.

Bombardier recorded an overall third-quarter loss of $4.9 billion, or $2.20 a share, as a result of the CSeries charge and a separate $1.2 billion impairment charge related to the cancelled Learjet program.

Adjusted to exclude items, it earned $2 million, or nil per share, below the 3 cents analysts polled by Thomson Reuters expected.

Revenue of $4.1 billion was down from $4.9 billion a year earlier and below the $4.6 billion analysts expected.

Bombardier said its arrangement with Quebec would give the government a 49.5% stake in a new limited partnership, which would control the CSeries assets. Bombardier said it would own the remaining 50.5%.

Bombardier recently approached the Canadian government for about C$350 million in short-term financing to help tide the company over while it works to get its much-delayed CSeries aircraft into service, a person familiar with the matter told The Wall Street Journal on Wednesday. There were also reports on Wednesday that the Quebec government was ready to offer Bombardier some financial support.

Bombardier has faced escalating costs as a result of its struggle to launch the CSeries, which is set to begin flying commercially in the first half of next year.

Write to Judy McKinnon at judy.mckinnon@wsj.com

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