Aircraft giant Boeing has secured $12 billion in loans from various financial institutions as part of its long-term plan to recover from the 737 Max crisis.
According to a report by CNBC, Boeing has secured $12 billion in loans from more than a dozen financial institutions. Boeing began to seek billions of dollars in loans earlier this month in an attempt to recover from the fallout from the 737 Max crisis.
Boeing was forced to suspend the production of the 737 Max fleet after federal aviation regulators made it clear that they are not ready to re-certify the fleet for commercial flights.
Breitbart News reported last week that Boeing was seeking $10 billion in loans. At that point, Boeing had already secured $6 billion in loans from Citigroup, Bank of America Merrill Lynch, Wells Fargo, J.P. Morgan, and other financial institutions.
Boeing’s financing will be two-year delayed loans, which means the multinational corporation will not be forced to spend all of the money right away.
Breitbart News has reported extensively on Boeing’s ongoing problems in the aftermath of two fatal crashes. Two 737 Max aircraft crashed in a span of just six months, claiming 346 lives. Governments around the globe quickly revoked the 737 Max’s flight certification.
Stay tuned to Breitbart News for more updates on this story.