Boeing, facing a potential cash crunch as the 737 Max Jet crisis rages on, has now secured, in total, $13 billion as reported by Bloomberg on Tuesday, about $1 billion more than initial estimates.
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CNBC had reported the planemaker had raised $12 billion, more than the initial $10 billion sought.
Boeing is reportedly in talks with various banks and initially secured "at least $6 billion" in late January from the following institutions: Citigroup, Bank of America Merrill Lynch, Wells Fargo and JPMorgan Chase.
The financing is said to come from 12 financial institutions but it is unclear which companies are involved.
Boeing did not immediately return FOX Business' request for comment on these reports. Last week, Citi declined to comment on the report, while inquires to Wells Fargo, Bank of America and JPMorgan were not returned last month.
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On the company's October earnings conference call, former CEO Dennis Muilenburg, who has since resigned and was replaced by David Calhoun, noted that "During the quarter, we reassessed our estimate of potential considerations and other in concessions for customers for disruptions related to the 737 MAX grounding and associated delivery delays...and therefore, you can expect the impact to our cash flow to affect 2019 and beyond. We continue to see this impact to be more front-end loaded in the first few years but of course, will be dependent upon individual conversations with customers."
Boeing ended the third quarter with $10.9 billion in cash and raised an additional $5.5 billion, which is earmarked for the joint venture with Embraer announced in 2018, the company noted in October. So while the company does have cash on hand, borrowing would provide more financial flexibility as the crisis drags on.
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American, United and Southwest are among the U.S. carriers that continue to push back the return of the jet as the timing of regulatory approval remains fluid.
Shares of Boeing have dropped 11 percent over the past 52 weeks, compared to a 17 percent jump for the Dow Jones Industrial Average.
*The article, originally published on 1-27-20, has been updated.