Boeing to borrow $10bn

21 Jan 2020

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NEW YORK: Boeing Co is in talks with banks about borrowing $10 billion or more amid rising costs after the two fatal 737 Max crashes, CNBC reported on Monday citing people familiar with the matter.

The US planemaker has so far secured at least $6bn from banks and is talking to other lenders for more contributions, the report added.

Analysts estimate that Bo­­eing has been losing around $1bn a month because of the grounding and it reported an almost $3bn negative free cash flow in the third quarter.

Boeing also reported its worst annual net orders in decades, earlier last week, along with its lowest numbers for plane deliveries in 11 years.

Published in Dawn, January 21st, 2020