Bombardier, Inc. (TSX:BBD.B) continues to both perplex and entertain the market.

There really is no other way of looking at the string of events that have unfolded around the company in the past few years. From the alluring promise of the CSeries to the multi-year delays and cost overruns, to funding gaps that were filled and then re-emerged, job cuts, and finally aid requests, Bombardier has been the constant topic of less than appealing announcements.

In the latest round of events, Bombardier, which was waiting for help from all levels of government as recently as a few months ago, has reportedly walked away from receiving an aid package from the federal government.

Why did Bombardier turn down federal aid?

The federal government is likely looking to get a better deal than the one struck with Quebec last year. Quebec’s deal saw the province attain a 49.5% interest in the CSeries program. A deal with the federal government is likely to involve the project being spun into its own company with ownership split evenly between the company and the two levels of government.

While both parties note that discussions are still ongoing, disagreements around governance and Bombardier’s dual-class share structure are more than likely the difficult-to-agree-on parts of any agreement being forged. Under the existing dual-class structure, the Beaudoin-Bombardier family has controlling interest of the company, even with a minority stake.

Earlier this month, Bombardier announced another deal for the CSeries with Latvia-based AirBaltic agreeing to purchase seven of the new aircraft. But a more recent deal, while still not finalized, could be much more significant for the company.

Could Delta Airlines be the solution to the CSeries?

Recent reports claim that Delta Air Lines, Inc. (NYSE:DAL) is interested in placing an order for the CSeries; some sources are claiming that the order could be for as many as 75 firm orders and another 50 options. If a deal is to be finalized, it is widely expected to be announced during a meeting of the airline’s board, which is expected to occur towards the end of the month.

Delta has been considering the CSeries for several months now. The company’s CEO commented at the turn of the year that the CSeries was “quite a competitive plane.”

A CSeries purchase from Delta would be a win-win for both companies as Delta would get a new fuel efficient jet that meets the needs of the 100-150 seat commuter market that would replace the now quarter-century-old MD-80 series of jets.

If signed, that 75 jet order could be worth over $6 billion in revenues for the company.

For Bombardier, Delta could be anchor client that gives a vote of confidence for the new jet and usher in additional orders from other airlines that were taking a wait-and-see approach.

There are few stocks that represent as much risk as Bombardier currently does, which makes the stock one that most investors will want to steer clear of. There are countless better options on the market that could provide both dividends and growth to investors without the risk that Bombardier currently presents.

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Fool contributor Demetris Afxentiou has no position in any stocks mentioned.