CNBC: Boeing secures $12+ billion
CNBC reports that American multinational corporation Boeing has secured more than $12 billion in financing from over a dozen banks.
An email US and Global News received from NBCUniversal, whose division “NBCUniversal Broadcast, Cable, Sports and News” owns CNBC, said the financing is “a vote of confidence” in Boeing from the financiers.
CNBC reported last week that Boeing was trying to secure a loan of $10 billion.
The email we received from NBCUniversal added that the American multinational firm is “expected to detail its financing strategy when it reports earnings before the market opens on Wednesday.”
The news comes amid the nearly yearlong grounding of the 737 Max after two fatal crashes.
A Lion Air flight crashed in Indonesia in October 2018 13 minutes after takeoff, killing all 189 passengers and crew and an Ethiopian Airlines flight crashed near the town of Bishoftu in March 2019 six minutes after takeoff, killing all 157 people aboard.
All regulators all around the world banned the 737 Max by March 18 last year. The ban affected 387 airplanes making 8,600 weekly flights for 59 airlines. Boeing halted deliveries and reduced production. The corporation lost 183 orders from airlines. Earlier in the month, with over 400 of the jet awaiting delivery, Boeing paused production until regulators clear the 737 Max to fly again.
Boeing ousted its CEO in December 2019 over mismanagement of the crisis. David L. Calhoun was announced as the new CEO, who would the new CEO effective January 13, 2020. Calhoun was also made the president.
Boeing also announced that board member Lawrence W. Kellner would become non-executive chairman of the board effective immediately.
Moreover, the world’s largest aerospace corporation also named Niel Golightly as the company’s senior vice president of communications effective January 1 2020.
Image credit - SounderBruce (CC BY-SA 4.0)
