Boeing Raises $21 Billion to Counter Financial Strain and Preserve Credit Rating
The aerospace giant's capital raise aims to mitigate the impacts of a prolonged strike and avert a potential credit downgrade.
- Boeing's expanded stock sale has raised $21 billion, exceeding initial expectations and providing a crucial financial cushion.
- The company faces significant financial pressures due to a 47-day machinists' strike, which has halted production of key aircraft models like the 737 MAX.
- Rating agencies have warned of a potential downgrade to junk status if Boeing's financial situation continues to deteriorate.
- Boeing reported a $6 billion loss in the third quarter and anticipates continued cash burn into the first half of next year.
- CEO Kelly Ortberg is spearheading efforts to stabilize the company, including potential layoffs and a strategic review of Boeing's business portfolio.
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