{"id":2355079,"date":"2024-10-15T09:13:02","date_gmt":"2024-10-15T13:13:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/boeing-enters-10-billion-credit-agreement-as-striking-workers-bleed-company-washington-examiner\/"},"modified":"2024-10-15T09:15:55","modified_gmt":"2024-10-15T13:15:55","slug":"boeing-enters-10-billion-credit-agreement-as-striking-workers-bleed-company-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/boeing-enters-10-billion-credit-agreement-as-striking-workers-bleed-company-washington-examiner\/","title":{"rendered":"Boeing enters $10 billion credit agreement as striking workers bleed company &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fboeing-enters-10-billion-credit-agreement-as-striking-workers-bleed-company-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2355079&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Boeing has entered into a $10 billion credit \u2063agreement with several banks \u200bas it\u2064 grapples with a significant\u2063 strike by the \u200bInternational \u2064Association of Machinists and\u2064 Aerospace \u2062Workers, which has lasted over \u2064a month. The strike, involving\u2062 about 33,000 unionized employees, is costing the company approximately $1 \u200bbillion per month, leading to production delays, particularly in the manufacturing of 737\u200b MAX and \u2062767 and 777 aircraft. This situation is compounded \u200bby \u2063other financial challenges, including a $2.6 billion pretax charge anticipated due to delays in the 777X \u200dprogram,\u2062 which will now see deliveries pushed to 2026. Furthermore, Boeing will \u200cincur a\u2064 $400 million charge \u2062related to the shutdown of its 767 production line. In response to these setbacks, CEO\u2062 Kelly Ortberg announced a \u200b<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/phase-2-trials-of-antiviral-pill-show-promising-results-in-battling-covid-19\/\" title=\"Phase 2 trials of antiviral pill show promising results in battling COVID-19\">global workforce<\/a> reduction of 10%, equating\u2062 to around 17,000 jobs, acknowledging the difficult circumstances the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trans-people-exist-oreo-cookie-virtue-signals-while-parent-company-faces-child-slave-labor-lawsuit\/\" title=\"\u2018Trans People Exist\u2019: Oreo Cookie Virtue Signals While Parent Company Faces Child Slave Labor Lawsuit\">company faces<\/a>.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Boeing enters $10 billion credit agreement as striking workers bleed company<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1776005\" class=\"tpd-featured-video bridtv\"><\/div>\n<p><a href=\"http:\/\/washingtonexaminer.com\/tag\/boeing\" target=\"_blank\" rel=\"noopener\" title>Boeing<\/a> made a $10 billion <a href=\"http:\/\/washingtonexaminer.com\/tag\/credit\" target=\"_blank\" rel=\"noopener\" title>credit agreement<\/a> with several banks on Tuesday.<\/p>\n<div class=\"article-paywall\">\n<p>The International Association of Machinists and Aerospace Workers went on strike more than a month ago and is costing the embattled company roughly $1 billion a month. Some 33,000 unionized employees worked at Boeing&rsquo;s manufacturing factory, which produces its 737 MAX and 767 and 777 planes. Their strike is delaying production and presenting a financial challenge to the company, which is already battling bad press.<\/p>\n<p>In July, Boeing acquired Spirit AeroSystems and assumed its debt. Meanwhile, its customers expecting deliveries of planes via the 777X program will have to wait until 2026 due to the strike. This delay will likely result in a pretax earnings charge of $2.6 billion, <a href=\"https:\/\/investors.boeing.com\/investors\/news\/press-release-details\/2024\/Boeing-Reports-Preliminary-Third-Quarter-Results\/\" target=\"_blank\" rel=\"noopener\" title=\"according\">according<\/a> to the company. Another $400 million pretax charge will come as the company shutters its 767 production.<\/p>\n<p>CEO Kelly Ortberg announced he would cut 10% of Boeing&rsquo;s global workforce, which includes some 17,000 jobs of executives, managers, and employees.<\/p>\n<p>&ldquo;Our business is in a difficult position, and it is hard to overstate the challenges we face together,&rdquo; Ortberg said in a statement. &ldquo;Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.&rdquo;<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><\/strong><\/a><\/strong><\/p>\n<p>Ortberg replaced Dave Calhoun following allegations of safety violations. Boeing&nbsp;was fresh from the receiving end of an audit from the&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/FAA\/\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Aviation Administration<\/a>&nbsp;in July. The administration found that the company had &ldquo;failed to comply with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/negotiations-stall-between-boeing-and-union-workers-after-four-weeks-on-strike-washington-examiner\/\" title=\"Negotiations stall between Boeing and union workers after four weeks on strike - Washington Examiner\">manufacturing quality control requirements&#038;rdquo<\/a>; in more than one instance.<\/p>\n<p>Boeing&rsquo;s latest offer to the union included a 30% raise, which was 5% more than its last offer, and a restoration of its performance bonus. However, the employees are seeking a 40% raise, vacation and sick leave accrual, progression, ratification bonus, and a 401(k) match, so the union rejected the offer last week despite Boeing&rsquo;s promise that it was its &ldquo;best and final offer.&rdquo; There are no plans for further negotiations.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1776005\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1776005\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boeing secures $10 billion credit amid costly worker strike<\/p>\n","protected":false},"author":2631,"featured_media":2355080,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/Boeing.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[14922,43040,43038,38136,43039],"class_list":["post-2355079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-boeing","tag-corporate-finance","tag-credit-agreement","tag-labor-dispute","tag-striking-workers"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/Boeing.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2355079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2631"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2355079"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2355079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2355080"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2355079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2355079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2355079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}