25 de febrero de 2020
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Hispanic World

Boeing gets $12 bn in financing to alleviate 737 MAX crisis

New York, Jan 27 (efe-epa).- US aeronautics giant Boeing has obtained $12 billion in financing commitments from more than a dozen banks to help it alleviate the crisis over its 737 MAX jet, the design of which has been implicated in two deadly accidents and production of which had to be suspended when flight bans were extended.

 A Boeing 737 - 8AS lands at the International Airport in Riga, Latvia, on 17 January 2020 (reissued 24 January 2020). EFE/EPA/TOMS KALNINS

A Boeing 737 - 8AS lands at the International Airport in Riga, Latvia, on 17 January 2020 (reissued 24 January 2020). EFE/EPA/TOMS KALNINS

New York, Jan 27 (efe-epa).- US aeronautics giant Boeing has obtained $12 billion in financing commitments from more than a dozen banks to help it alleviate the crisis over its 737 MAX jet, the design of which has been implicated in two deadly accidents and production of which had to be suspended when flight bans were extended.

Initially, corporate liquidity was not a concern for the company, but the fact that the Federal Aviation Administration has extended the grounding of the 737 MAX jets forced Boeing to step up its search for loans to cover the debt it has accumulated after the two crashes in Ethiopia and Indonesia in which a total of 346 people died.

Analysts say that obtaining such a large amount of funding, $2 billion more than expected, is a vote of confidence on the part of Wall Street investors, according to reporting by specialized business cable network CNBC.

Analysts also estimate that the firm has been losing about $1 billion a month because of the grounding after the pair of crashes. In the third quarter, Boeing reported almost $3 billion in negative free cash flow.

The financing comes in the form of so-called Delayed Draw Term Loans, which the firm can access partially and as needed, with the prior agreement of the parties. These loans are generally provided only to borrowers with top credit ratings.

In recent months, Boeing has experienced assorted scandals linked to the 737 MAX that have undermined the company's credibility and raised new questions about the safety of the aircraft.

Several weeks ago, internal Boeing communications were published within the framework of the investigation being undertaken by the US Congress that revealed a lack of confidence among technicians and employees about the safety of the 737 MAX.

In addition, an audit by the FAA in early January revealed new "potential" problems associated with the wiring that helps control the jet's tail and the possibility that these problems could cause a short circuit if the wires were too close together.

Recently, Boeing also made a recommendation to pilots that would be flying the 737 MAX that they train first on simulators, a measure that they have resisted in the past.

On Wednesday, before the New York Stock Market opens, Boeing will announce its annual and fourth-quarter earnings and other figures, as well as a general outline of its financial strategy.

Boeing stock is included in the Dow Jones Industrial Average, and thus is deemed to be one of the 30 top companies in all US economic sectors.

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