Boeing Co confirmed it is in talks with senior White House officials and congres...
) confirmed it is in talks with senior White House officials and congressional leaders about short-term assistance for itself and the entire aviation sector.
This discussions come on a day the planemaker saw its stock plummet 24% to $129.61, and is off more than 60% over the last month as the coronavirus pandemic slashed travel demand worldwide. Earlier on Monday, S&P Global downgraded Boeing’s credit rating and lowered its free cash flow expectations for the company.
Boeing said it is “taking steps to manage the pressure on our business. We’re leveraging all our resources to sustain our operations.” U.S. President Donald Trump, in a tweet late Monday, wrote “the United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected” by the coronavirus. A White House official confirmed the talks “to discuss their views generally just as we have with others.”
Boeing’s total debt nearly doubled to $27.3 billion in 2019, as it compensated airlines and grappled with additional production costs for the 737 MAX even as the grounding prevented it from delivering the aircraft to buyers.
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