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Boeing to cut staff, boost liquidity with recovery not coming anytime soon

Chicago-based Boeing burned through $4.7 billion in cash in the first quarter but said it was confident of getting sufficient liquidity to fund its operations

Boeing to freeze hiring, overtime due to 737 MAX, virus impacts
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Analysts said the cash burn was not as bad as feared and that the company might be able to avoid raising capital from the US Treasury

Reuters
Boeing Co said on Wednesday it would cut its workforce by about 10 per cent, further reduce 787 Dreamliner production and try to boost liquidity as it prepares for a years-long industry recovery from the coronavirus pandemic that drove the planemaker to a net loss for the second straight quarter.

Chicago-based Boeing burned through $4.7 billion in cash in the first quarter but said it was confident of getting sufficient liquidity to fund its operations, sending its shares up 5 per cent to $137.57.

Reuters reported on Tuesday that Boeing is working with investment banks on a potential bond deal

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First Published: Apr 29 2020 | 8:47 PM IST

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