US aerospace company Boeing is reportedly seeking to raise $10bn or more in loans from a number of banks.
The news was first reported by CNBC citing sources that the aircraft manufacturer has already borrowed around $6bn from banks.
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Boeing is currently in talks with different lenders to borrow more. A source familiar with the matter told CNBC that the new loan could be a two-year, delayed-draw loan.
The financing will help the company to strengthen its monetary resources as it faces pressure due to rising costs from 737 Max aircraft grounding.
The 737 Max aircraft was grounded since March 2019. Several aviation companies decided to stop operating the aircraft after two crashes that killed 346 people. One 737 MAX crash occurred in Indonesia in October 2018 and another in Ethiopia in March 2019.
Earlier this month, Boeing and the US Federal Aviation Administration (FAA) reportedly confirmed that the wiring of the grounded 737 Max aircraft is under review.
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By GlobalDataMeanwhile, the manufacturer revealed that it intends to stop the production of its 737 Max in Washington as of this month.
The grounded 737 MAX is expected to cost the company more than $9bn, reported Reuters.
Additional costs could be revealed when Boeing publishes its fourth-quarter earnings on 29 January.
Earlier this month, the FAA proposed a $5.4m fine against Boeing for installing faulty slat tracks on around 178 737 MAX aircraft.
