Boeing Co is planning to draw down the rest of a $13.8 billion loan it agreed la...
) is planning to draw down the rest of a $13.8 billion loan it agreed last month, a source told Reuters on Wednesday, as the coronavirus outbreak adds to pressure on the U.S. plane-maker due to the grounding of its 737 MAX jets.
Boeing’s shares fell as much as 11% to $205.56 on news of the loan drawdown, initially reported by Bloomberg News, broadly in line with a collapse in airline and other aerospace shares across the board.Boeing had no immediate comment. Boeing’s total debt nearly doubled to $27.3 billion in 2019, as it compensated airlines and grappled with additional production costs for the 737 MAX even as the grounding prevented it from delivering the aircraft to buyers.
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