Boeing’s Unraveling Quickens With 72% Plunge From 2020 Peak
- Company’s need for rescue stirs worry as pandemic worsens
- Trump vows assistance with virus causing deep aviation crisis
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Boeing Co.’s rout deepened as investors reacted with alarm to news that the planemaker is seeking at least $60 billion in U.S. government aid for itself and suppliers in a race to shore up cash during the coronavirus pandemic.
The federal support would encompass “public and private liquidity, including loan guarantees,” Boeing said Tuesday. While the proposal’s details are still being fine-tuned, the bulk of the funding would flow through Boeing to its network of partsmakers, said a person familiar with the matter. Other companies could separately use the guarantees to line up their own financing.