Boeing has secured more than $12 billion in financing from more than a dozen banks to help weather the 737 Max crisis, according to people familiar with the matter. Earlier, U.S. media reported that the U.S. Boeing company in a deep negative quagmire is unable to pull out, in order to ease the crisis, Boeing and a number of banks to negotiate to borrow $10 billion or more to cover the Boeing 737 MAX after the two crashes rising costs.
A total of 346 people were killed in a series of crashes on 29 October 2018 and 10 March 2019 on Boeing 737 Max of Lion Airlines Indonesia and Ethiopian Airlines. Subsequently, the Boeing 737 Max series aircraft was banned from flying around the world.
Boeing is expected to report earnings before Wednesday’s U.S. stock market, when it will detail its financing strategy.
Boeing has suffered a major setback in two fatal crashes, and the loan is seen as a vote of confidence among Wall Street suppliers.