Report: Boeing considering raising billions through stock sales
- Boeing factory workers have been on strike for three weeks
- The company, already facing losses, is exploring fundraising options
- That may include selling $10 billion in new stock, according to Bloomberg
An International Aerospace Machinists union member holds a sign encouraging a strike as fellow union members negotiate a contract offer with airplane maker Boeing, on Thursday, Sept. 12, 2024, in Renton, Wash. (AP Photo/Stephen Brashear)
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(NewsNation) — Boeing may try to sell $10 billion in new stock to raise money during an ongoing strike, according to a Bloomberg report citing people familiar with the discussions.
The planemaker is reportedly exploring its options, although the company likely wouldn’t see equity growth for at least another month, Bloomberg reported.
Now in its third week, the International Association of Machinists and Aerospace Workers strike threatens to ding Boeing’s investment-grade credit rating. Boeing recently hired a new CEO to turn around the operation, which stands to lose money for the sixth consecutive year.
The planemaker has been under pressure from slumping production of its strongest-selling 737 MAX jet after a January incident when a door panel blew off a new model mid-air.
Striking factory workers say they were pressured to work too fast and asked to perform jobs they weren’t qualified for, The Associated Press reported.
Those on strike received their final paychecks in mid-September and lost their company health insurance at the end of the month.
Reuters and The Associated Press contributed to this report.
