Boeing, in need of cash, looking to raise up to approximately $19B in offering

Boeing is looking to raise up to astir $19 cardinal successful a banal offering arsenic nan aerospace giant, which is dealing pinch a contentious strike, faces liquidity issues and tries to raise cash

Boeing is looking to raise up to astir $19 cardinal successful a banal offering arsenic nan aerospace giant, which is dealing pinch a contentious strike, faces liquidity issues and tries to raise cash.

Boeing Co. said Monday that it will connection 90 cardinal successful communal banal and $5 cardinal successful depositary shares. The company's banal closed astatine $155.01 connected Friday,

The institution said it plans to usage nan nett proceeds for wide firm purposes, which whitethorn see repaying debt, additions to moving capital, superior expenditures, and backing and investments successful its subsidiaries.

Last week Boeing mill workers voted to cull nan company’s latest contract offer and to proceed a six-week strike that has halted accumulation of its bestselling jetliners.

Local national leaders successful Seattle said 64% of members of nan International Association of Machinists and Aerospace Workers who formed ballots voted against accepting nan proposal.

The labour standoff comes during an already challenging twelvemonth for Boeing, which became nan attraction of aggregate national investigations aft a doorway sheet blew disconnected a 737 Max level during an Alaska Airlines formation successful January.

The onslaught has deprived nan institution of much-needed rate that it gets from delivering caller planes to airlines. On Wednesday, nan institution reported a third-quarter nonaccomplishment of much than $6 billion. Boeing hasn’t had a profitable twelvemonth since 2018, and Wednesday’s numbers represented nan second-worst 4th successful nan manufacturer’s history.

The institution burned astir $2 cardinal successful cash, successful nan quarter, weakening its equilibrium sheet, which is loaded down pinch $58 cardinal successful debt. Chief Financial Officer Brian West said nan institution will not make affirmative rate travel until nan 2nd half of adjacent year.

Shares of Boeing slipped astir 2% earlier nan marketplace open.