Boeing Seeks to Line Up Billions in Financing as Strike Goes On

Published On Oct 15, 2024, 8:53 AM

Boeing is facing significant financial challenges due to a strike by 33,000 machinists that has halted much of its commercial aircraft production. In an effort to strengthen its financial position amidst these difficulties, the company plans to raise up to $25 billion through debt and equity sales over the next three years, alongside securing a $10 billion line of credit. Additionally, Boeing plans to cut 17,000 jobs due to rising costs which have already reached approximately $5 billion. The strike is costing the company tens of millions of dollars daily, and there are concerns about a potential downgrade of its credit rating to junk status, which would increase borrowing costs.