Troubled Boeing signals it may raise up to $25 billion to shore up finances
2 months, 1 week ago

Troubled Boeing signals it may raise up to $25 billion to shore up finances

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Boeing signaled Tuesday that it could raise up to $25 billion in new stock or debt to shore up its balance sheet after years of heavy losses. It also entered into a new $10 billion credit agreement with lenders to provide short-term protection against a cash crunch. Boeing hasn't earned an annual profit since 2018, losing more than $25 billion since, after two 737 Max jets crashed, killing 346 people. On Friday, new CEO Kelly Ortberg said Boeing will cut about 10% of its workforce — around 17,000 jobs — and pushed back the launch of a new model of its large 777 airliner.

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History of this topic

Boeing layoffs: Aerospace giant to reduce workforce by 17,000
1 month, 1 week ago

Boeing layoffs: Aerospace giant to reduce workforce by 17,000

India Today  

Boeing announced on Wednesday that it will start sending layoff notices to workers this week as part of a broader plan to cut 17,000 jobs, which accounts for roughly 10% of its global workforce, reported news agency Reuters. BACKDROP OF LAYOFFS AMID PRODUCTION CHALLENGES Boeing’s workforce cuts come as the company, under its new CEO Kelly Ortberg, struggles to stabilise …

Striking Boeing factory workers say they are ready to hold out for a better contract
3 months, 1 week ago

Striking Boeing factory workers say they are ready to hold out for a better contract

Associated Press  

SEATTLE — Blue-collar workers from Boeing walked picket lines in the Pacific Northwest instead of building airplanes on Friday after they overwhelmingly rejected a proposed contract that would have raised their wages by 25% over four years. Shortly after midnight, striking workers stood outside the Boeing factory in Renton, Washington, with signs reading, “Have you seen the damn housing prices?” …

Boeing CEO says company focused on safety, won't discuss financial targets
10 months, 3 weeks ago

Boeing CEO says company focused on safety, won't discuss financial targets

Hindustan Times  

Boeing will refrain from commenting on its financial outlook while it focuses on quality control after a near-catastrophic 737 MAX flight earlier this month, the company said Wednesday. The Alaska Airlines accident has put Boeing back under the microscope, with lawmakers questioning Calhoun last week on Capitol Hill in the company's most challenging episode since the MAX crashes. But the …

Boeing reports unexpected loss after taking hits from Air Force One, Starliner programs
2 years, 1 month ago

Boeing reports unexpected loss after taking hits from Air Force One, Starliner programs

CNN  

New York CNN Business — Boeing reported an unexpected loss in the third quarter Wednesday after taking a massive $2.8 billion charge related to its high profile defense and space businesses, including completing the new versions of Air Force One and its much delayed Starliner space capsule. The company also continued to report losses from its core commercial jet unit, …

Boeing posts $1.2 billion loss in Q1, worse than expected
2 years, 7 months ago

Boeing posts $1.2 billion loss in Q1, worse than expected

Associated Press  

Boeing said Wednesday that it lost $1.2 billion in the first quarter as it took large write-downs and lost money in both its civilian-airplane and defense businesses. Calhoun said the company was on track to generate positive cash flow over the entire year “despite the pressures on our defense and commercial development programs.” “This was another dreadful quarter from Boeing,” …

Boeing earnings: Boeing’s 737 Max problems are improving, but plenty of other issues loom
3 years, 1 month ago

Boeing earnings: Boeing’s 737 Max problems are improving, but plenty of other issues loom

CNN  

New York CNN Business — Boeing’s 737 Max troubles are improving, the company’s quarterly results released Wednesday showed — but it’s facing a host of other problems. The company added that it “continues to progress towards a production rate of 31 per month in early 2022.” That’s good news for the Max, which was grounded for 20 months in 2019 …

Boeing posts 1Q loss, takes a hit on Air Force One work
3 years, 7 months ago

Boeing posts 1Q loss, takes a hit on Air Force One work

Associated Press  

Boeing Co. reported a wider than expected first-quarter loss on Wednesday and took another charge on its program to build two new Air Force One presidential planes after firing a contractor it hired to help perform the work. Boeing has halted Max deliveries while it works on a fix for the electrical issues, which Calhoun said will make April aircraft …

Boeing posts $8.4 billion loss on weaker demand for planes
3 years, 10 months ago

Boeing posts $8.4 billion loss on weaker demand for planes

Associated Press  

Boeing closed out its worst year ever financially by losing $8.4 billion in the fourth quarter as the pandemic has undercut demand for planes, and the company announced another costly delay to its new large jetliner designed for long-haul flights. When do the airlines start to place more orders and start taking deliveries of planes?” Windau said Boeing’s ability to …

Can Boeing fly without government help?
3 years, 10 months ago

Can Boeing fly without government help?

The Economist  

D AVE CALHOUN is no stranger to crises. A former acolyte of Jack Welch, he was picked to run GE ’s aircraft-engines and avionics division months before the 9/11 terrorist attacks of 2001 clobbered the industry. The company is only slowly emerging from a 21-month grounding of its bestselling 737 MAX passenger jet in the wake of two fatal crashes. …

Boeing will pay $2.5 billion to settle charge over 737 Max
3 years, 11 months ago

Boeing will pay $2.5 billion to settle charge over 737 Max

Associated Press  

Boeing will pay $2.5 billion to settle a Justice Department investigation and admit that employees misled regulators about the safety of its 737 Max aircraft, which suffered two deadly crashes shortly after entering airline service. “Boeing’s employees chose the path of profit over candor,” said David Burns, acting assistant attorney general for the Justice Department’s criminal division. Boeing admitted in …

Boeing ordered to pay $3.2 billion in compensation, penalties two years after deadly crashes
3 years, 11 months ago

Boeing ordered to pay $3.2 billion in compensation, penalties two years after deadly crashes

ABC  

The world's largest aerospace company Boeing has been fined US$2.5 billion over two plane crashes that killed 346 people, but will not be forced to plead guilty to criminal charges, the US Justice Department says. Key points: US aviation authorities charged Boeing with conspiracy and ordered it to ground its 737 Max planes for almost two years Two crashes killed …

Boeing to pay $2.5 billion to settle US criminal probe into 737 MAX crashes
3 years, 11 months ago

Boeing to pay $2.5 billion to settle US criminal probe into 737 MAX crashes

India Today  

Boeing Co will pay more than $2.5 billion in fines and compensation after reaching a settlement with the U.S. Department of Justice over two plane crashes that killed a total of 346 people and led to the grounding of its 737 MAX jetliners. "Boeing's employees chose the path of profit over candor by concealing material information from the FAA concerning …

The 737 Max is set to fly again soon. But Boeing’s struggle is far from over
4 years, 1 month ago

The 737 Max is set to fly again soon. But Boeing’s struggle is far from over

CNN  

New York CNN Business — The 737 Max is on the cusp of being approved to carry passengers once again. The process to recertify the Max, which has taken more than a year longer than Boeing originally hoped, should be “finished in the coming days,” according to a statement Monday by FAA Administrator Steve Dickson. Boeing announced Tuesday that it …

Boeing posts three-month loss of $2.4 billion
4 years, 4 months ago

Boeing posts three-month loss of $2.4 billion

CNN  

New York CNN Business — Boeing lost $2.4 billion over the past three months, the company revealed Wednesday. The company is still in the early stages of resuming production of its 737 Max jets, which was Boeing’s best-selling aircraft but has been grounded since March 2019 following two crashes that killed 346 people. “The reality is the pandemic’s impact on …

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