Aircraft giant Boeing is now seeking $10 billion in loans in the aftermath of the 737 Max crisis. The flawed 737 Max fleet suffered two fatal crashes that claimed the lives of all passengers and crew on board before being grounded by the FAA and other global air traffic authorities.
According to a report from CNBC, Boeing is now trying to secure a loan of $10 billion or more to help recover from the losses associated with the 737 Max crisis.
Breitbart News has reported extensively on the 737 Max Crisis. Breitbart News reported earlier this month that Boeing employees persuaded Lion Air to skip 737 Max simulator training. One employee even said in internal communications that the 737 Max fleet was “designed by clowns.”
Now, Boeing is asking various banks to give them a $10 billion loan. Citigroup, Bank of America Merrill Lynch, Wells Fargo and J.P. Morgan have already agreed to contribute towards Boeing’s $10 billion loan goal. As of Tuesday, Boeing had already secured $6 billion in total loans from various institutions.
Jonathan Root, Moody’s lead Boeing analyst, wrote last week that Boeing has significant work to do to restore investor confidence.
“Recent developments suggest a more costly and protracted recovery for Boeing to restore confidence with its various market constituents, and an ensuing period of heightened operational and financial risk, even if certification of the Max comes relatively near-term, as expected.”
Boeing suspended the production of the 737 Max fleet in January over fears that aviation regulators would not soon certify the 737 Max fleet for commercial flights.