TORONTOBombardier Inc. tried to take on much bigger players in the global market for trains and commercial jetliners. Having shed both those businesses in as many weeks, it now plans to pare the debt that forced those retreats, and navigate a much smaller industry: business jets.
The Canadian company said earlier this week it would sell its train businessa maker of high speed trains and New York City subway carsto French giant Alstom SA, netting as much as $4.5 billion. It has promised to deploy that cash to significantly…