{"id":99381,"date":"2024-10-16T08:03:51","date_gmt":"2024-10-16T08:03:51","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/index.php\/2024\/10\/16\/boeing-seeks-up-to-35bn-as-costly-strike-drags-on\/"},"modified":"2024-10-16T08:03:51","modified_gmt":"2024-10-16T08:03:51","slug":"boeing-seeks-up-to-35bn-as-costly-strike-drags-on","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/boeing-seeks-up-to-35bn-as-costly-strike-drags-on\/","title":{"rendered":"Boeing seeks up to $35bn as costly strike drags on"},"content":{"rendered":"

Boeing says it aims to secure up to $35bn (\u00a326.8bn) in new funding from investors and banks as a costly strike by thousands of its workers enters its second month.<\/strong><\/p>\n

Also on Tuesday, the union representing more than 30,000 of the aviation giant\u2019s workers held a rally in the city of Seattle.<\/p>\n

The company is moving ahead with plans to lay off around 17,000 workers, with the first redundancy notices expected to be issued in mid-November.<\/p>\n

Talks to end the walkout collapsed last week as the firm withdrew an offer that included a 30% pay rise over four years.<\/p>\n

Boeing plans to raise up to $25bn in stock and debt offerings and said it had reached a deal with major banks to borrow as much much as $10bn.
\n\u201cThese are two prudent steps to support the company\u2019s access to liquidity,\u201d Boeing said in a statement.<\/p>\n

The company\u2019s shares rose by 2.2% after the announcements.<\/p>\n

The moves to raise new funding came just days after Boeing announced it would cut its workforce by 10% and said it expected to record a loss for the last three months.<\/p>\n

BBC News understands that the layoffs will, for now, not affect striking workers.
\nThe redundancies will be compulsory and workers will be offered severance payments.<\/p>\n

The company also said deliveries of its 777X planes would be delayed by a year.
\nBoeing is due to release its quarterly results on 23 October.<\/p>\n

Major credit ratings agencies had previously warned that the strike could lead to downgrades, which would make it more expensive for the company to borrow money.<\/p>\n

S&P Global estimated the strike is costing Boeing around $1bn a month.<\/p>\n

The walkout, at a company of major importance to the US economy, has become a source of concern for the Biden administration.<\/p>\n

On Monday, acting US Labor Secretary, Julie Su, met representatives of the International Association of Machinists and Aerospace Workers union (IAM) and Boeing executives in Seattle.<\/p>\n

Meanwhile, top Washington state Congressional Democrats have called on Boeing and IAM to \u201credouble\u2026 efforts to reach a mutually beneficial resolution.\u201d<\/p>\n

The post Boeing seeks up to $35bn as costly strike drags on<\/a> first appeared on KBC<\/a>.<\/p>\n

The post Boeing seeks up to $35bn as costly strike drags on<\/a> appeared first on KBC<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Boeing says it aims to secure up to $35bn (\u00a326.8bn) in new funding from investors and banks as a costly strike by thousands of its workers enters its second month. Also on Tuesday, the union representing more than 30,000 of the aviation giant\u2019s workers held a rally in the city of Seattle. The company is […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-99381","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/99381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=99381"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/99381\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=99381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=99381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=99381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}