Boeing launches funding round to stave off credit downgrade

updated Beleaguered Boeing is hoping millions of new shares and billions of dollars in convertible securities can stave off a credit downgrade as it leaks cash during an ongoing strike.

The aerospace biz today announced plans to sell 90 million new shares and $5 billion in depositary shares that will mature into common stock in 2027. Based on stock prices at last week's close, 90 million new shares could net Boeing around $14 billion, meaning the company could stand to make around $19 billion if everything goes well - and it desperately needs that cash right now. 

According to Boeing's financial results for Q3 ended 30 September, the corporation lost $6.1 billion as its troubles continue to mount following a door plug blowout earlier this year that appears to have been the last straw for many investors and employees.

Those troubles have been exacerbated most recently by a 30,000-employee strike among members of the International Association of Machinists and Aerospace Workers that began last month - on earnings day of all days - and is ongoing after workers rejected the latest contract offer. 

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