Illinois aircraft maker Boeing seeks tens of billions in US Government loan guarantee

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Illinois aircraft maker Boeing seeks tens of billions in US Government loan guarantee

The Chicago, Illinois-based world’s No. 2 low-cost aircraft carrier manufacturer, which had lost its aviation industry crown last year to EU’s flagship aerospace and defence conglomerate Airbus SE and had posted its steepest plunge in operating profit in decades, had been seeking a whopping upsum of “tens of billions of dollars” from the US Government in form of debts alongside other assistances as the former world’s No.

1 aircraft carrier manufacture had been facing off a steep lack in liquidities stemmed from the massive coronavirus outbreak which had been pouring fresh scorns over the entire global aviation industry, at least two sources familiar with the knowledge had unveiled on Tuesday, the 17th of March 2020, on condition of anonymity as the sources were not authorized to speak publicly over the issue.

On top of that, according to the sources close to Boeing Co., the US-based multinational aircraft carrier maker which had delivered only 54 jets last year following a mass-grounding of its best-selling Max 737, also said to the US lawmakers that the American planemaker had been in grave requirement of Government support to maintain liquidity requirements which it could not raise from the financial markets amid a broad-based panic-driven sell-off pressure.

Besides, Boeing Co. had also confirmed on Monday (March 16th) that the Chicago-based planemaker had been in an advanced stage talk for short-term fiscal injections, while US President Donald Trump had also reassured the ailing US planemaker that the US Government would provide supports.

Nonetheless, a rescue package for Boeing Co. could top $1 trillion which is highly unlikely to get approved in the US Congress amid a clattering wave of newer coronavirus cases across the globe.