Boeing seeking more than $10 billion loan as its revenue dropped significantly following 737MAX crisis.
The aircraft manufacturer has secured at least $6 billion from banks so far, and is talking to other lenders for more contributions, according to CNBC news.
Private investment banks, such as Citigroup, Bank of America, Wells Fargo, and JPMorgan have already agreed to loan Boeing money.
“loan Boeing is negotiating will be a two-year, delayed-draw loan, meaning Boeing can tap into it later, a move that may not immediately affect its credit rating as another type of loan or a bond would” according to one of the people familiar with the matter.
Boeing this month suspended production of 737MAX this month as the grounding stretches into its 11th month, and shows no signs of returning to service soon.
For the first time in decades, Boeing company posted negative orders for the year 2019, and Airbus took the lead this year with orders for more than 40 jets from China.