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Boeing announced on Tuesday its plans to raise up to $25 billion in shares or debt over the next three years in an effort to increase liquidity amidst ongoing challenges. The troubled manufacturer is currently facing a prolonged machinist strike and issues across its aircraft programs.

The company stated that the universal shelf registration will provide flexibility to pursue various capital options as needed to support its balance sheet. Additionally, Boeing disclosed that it has secured a $10 billion credit agreement with a consortium of banks to provide short-term access to liquidity during these challenging times.

Amidst a nearly 43% decline in Boeing shares this year, the aviation giant is working to strengthen its balance sheet to address concerns from credit ratings agencies about a possible downgrade. S&P Global Ratings estimated that the machinist strike is costing Boeing over $1 billion per month, with no resolution in sight.

To reduce costs, Boeing’s new CEO Kelly Ortberg announced plans to lay off around 17,000 employees, constituting 10% of its global workforce. Ortberg emphasized the need to prioritize resources on core areas for the company’s recovery and future success.

In addition to the layoffs, Boeing disclosed mounting losses and $5 billion in charges in its defense and commercial airplane units. Ortberg is scheduled to host his first quarterly investor call as CEO on October 23 to discuss the company’s financial performance and strategic direction moving forward.

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