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Boeing secures more than $12 billion in financing to help weather 737 Max crisis

Boeing 737 MAX airplanes, along with one Boeing 787 at top, are parked at Grant County International Airport October 23, 2019 in Moses Lake, Washington.

David Ryder | Getty Images

Boeing has secured more than $12 billion in financing from more than a dozen banks as the industrial giant shores up its balance sheet amid the nearly yearlong grounding of the 737 Max following two fatal crashes, according to people familiar with the matter.

The manufacturer was trying to secure a loan of $10 billion, CNBC reported last week. 

The two crashes — a Lion Air flight in Indonesia in October 2018 and an Ethiopian Airlines flight last March — together killed all 346 people on board. 

CNBC reported on the loan size last week.

The loan is a vote of confidence in the supplier from Wall Street

Boeing is expected to detail its financing strategy when it reports earnings before the market opens on Wednesday.

This is breaking news. Check back for updates.

The post Boeing secures more than $12 billion in financing to help weather 737 Max crisis appeared first on USNewsRank.

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