Bombardier has terminated a purchase agreement with Jet Republic for 110 Learjet 60 XR aircraft after the private carrier suspended its operations citing technical insolvency.

The original order, signed in 2008, included 25 firm orders and 85 conditional orders for Learjet 60 XR, of which the firm orders are estimated to be worth $340m.

The high-speed, mid-size jet can fly seven people over a distance of 2,338nm at a speed of Mach 0.81.

Jet Republic claimed that the company had filed for bankruptcy after inadequate financing from customers due to the economic crisis.

Bombardier have reiterated that they are committed to the Learjet 60 XR programme and production of the aircraft at its Learjet facility in Kansas will continue as planned.

The 110-craft order was the largest single business jet order ever recorded by Bombardier.

Bombardier has recently terminated a purchase agreement with MyWay airlines for 15 CRJ 1000 aircraft stating its uncertain condition.