Boeing is facing a two-pronged crisis: the continued grounding of its 737 MAX airplane, and the coronavirus pandemic that has seen passenger air traffic plumment 95% as economies across the globe have shut down to help stop the spread of the deadly disease.
Investors are focused on Boeing's liquidity position, and questioning whether its current $15.5 billion cash on hand will be enough to weather the current economic storm and make it out on the other side without wiping out its equity investors. The company announced it would target a 10% reduction in its workforce to help boost its liquidity position.
The company has raised more than $10 billion in debt so far this year. In an interview on CNBC Wednesday morning, CEO David Calhoun said the company is also exploring all options to boost its liquidity and could raise more debt in the future.
The government is going to put some money in their shares. Point. Everything that goes down, goes up.
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Boeing to reopen South Carolina plant closed for coronavirus - Business InsiderBoeing had closed the South Carolina 787 Dreamliner factory on April 8 due to the coronavirus. It reopened its Washington factories last week.
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Coronavirus: Air Canada converting Boeing 777s and Q400s to cargo-only - Business InsiderAir Canada is ripping seats out of aircraft across its fleet to turn them into cargo planes. See inside the new Boeing 777 and Dash 8-400 temporary conversions. Good move as cargo is currently the only demand I heard there is even more space in the fueltank…😵😵 I’d say it looked like they removed them to replace at a later date. Ripping them out implies an aggressive act.
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Boeing CEO Sees Years Of Recovery From Coronavirus Ahead For Aviation IndustryBoeing's CEO told shareholders in a virtual annual meeting on Monday that it may take several years for commercial airlines to recover from the huge drop-off caused by the coronavirus pandemic. Well Boeing really has no room to talk... Do we need to go down the 747 Max rabbit hole? You’d be experiencing years anyway recovering. While the rest of the airline industry was having their best several years on record, once the gaslighting is over w/ Covid it’ll bounce Poor babies. Translation: we have an excuse to jack up baggage fees again
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