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Boeing has called for a minimum of $60bn in government funding for the US aerospace manufacturing industry to overcome the impact of the Covid-19 pandemic.
The aircraft manufacturer sought assistance in government loan guarantees and other forms of financing that will help manufacturers, airlines, suppliers and other stakeholders to recover from the current crisis.
The move comes after the US President Donald Trump said that his administration will support Boeing, one of the biggest aircraft manufacturers in the world.
The company further noted any financial support will be used to pay its 17,000 suppliers until the global flight services return to normal levels.
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By GlobalDataIn a statement, Boeing said: “We’re leveraging all our resources to sustain our operations and supply chain. We continue to assess additional levers as we navigate the current challenges and position the industry for the long term.
“As reported last week, drawing on our delayed draw loan term was a prudent step to increase our liquidity and ease some of the significant near-term pressures on our business. We filed an 8-K today to formally disclose that draw down.”
Notably, Boeing’s stock has lost 60% of its value in the last month due to the pandemic, which has affected more than 147 countries.
Last week, Air Canada reduced an earlier Boeing 737 Max aircraft order due to the revised circumstances.
Globally, the coronavirus has killed more than 7,900 people while the number of total cases exceeded 198,000.
