Aircraft giant Boeing is looking to secure loans of at least $10 billion (£7.5bn, €9bn) from banks in the wake of rising costs from the 737 Max crashes.
The company is said to have secured at least $6 billion from banks so far and is talking to other lenders for more. The total amount could rise if there is additional demand from banks.
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The first 737 Max crash was in Indonesia in October 2018 and the other was in Ethiopia in March last year. All 346 people aboard the two flights were killed, which led to the grounding of 737 Max aircraft.
But the jets’ return has faced potential new delays that are threatening to increase Boeing’s costs. A new software issue was disclosed by the company last week.
This month, Boeing suspended production of the troubled planes as the grounding stretches into its 11th month. However, Boeing earlier this month said it did not plan to lay off 737 Max workers and said they would be reassigned to other functions.
The company now recommends to pilots undergo simulator training, a time-consuming and costly process, before the jets can fly again.
The company posted negative orders for aircraft last year, its weakest sales figures in decades. This meant the world’s biggest aircraft manufacturer is now its European rival Airbus.
Boeing had $20.3 billion in long-term debt as of September 30 2019, nearly double the $10.7 billion of long-term debt it had on December 31 2018.
Boeing has not commented.