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Boeing called for $60 billion lifeline for the Struggling Aerospace Industry

Boeing spokesman Gordon Johndroe subsequently said the company “supports a minimum of $60 billion in access to public and private liquidity, including loan guarantees, for the aerospace manufacturing industry.”

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Boeing Co on Tuesday called for a $60 billion lifeline for the struggling U.S. aerospace manufacturing industry, which faces huge losses from the coronavirus pandemic.

Reuters first reported that Boeing was seeking “tens of billions of dollars” in U.S. government loan guarantees and other assistance as faces it a looming liquidity crunch due to the coronavirus’ impact on the aviation sector, two people briefed on the matter told Reuters.

Boeing spokesman Gordon Johndroe subsequently said the company “supports a minimum of $60 billion in access to public and private liquidity, including loan guarantees, for the aerospace manufacturing industry.”

Boeing declined to say how much of that would be for the planemaker versus loan guarantees for its suppliers; it was also unclear if U.S. banks would loan any of the more than $60 billion without government backing.

The U.S. planemaker has told lawmakers it needs significant government support to meet liquidity needs and it cannot raise that in current market conditions, the people said.

Boeing confirmed Monday it was in talks with the administration about short-term support, while U.S. President Donald Trump said Tuesday the U.S. government would provide support. Boeing has noted that typically 70% of its revenue flows to its 17,000 suppliers and has told lawmakers that without significant assistance the entire U.S. aviation manufacturing sector could collapse.

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Tags Boeing Coronavirus Aerospace Pandemic Manufacturing United States Donald Trump

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


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