Boeing lines up $35bn of new funds as strike drags on

Boeing says it aims to raise up to $35bn (£26.8bn) from investors and banks as a costly strike by thousands of its workers enters its second month.

Also on Tuesday, the union representing more than 30,000 of the aviation giant’s workers held a rally in the city of Seattle.

The company is moving ahead with plans to layoff around 17,000 workers, with the first redundancy notices expected to be issued in mid-November.

Talks to end the walkout collapsed last week as the firm withdrew an offer that included a 30% pay rise over four years.

Boeing plans to raise up to $25bn in stock and debt offerings and said it has reached a deal with major banks to borrow as much much as $10bn.

“These are two prudent steps to support the company’s access to liquidity,” Boeing said in a statement.

The moves to raise funding come less than a week after Boeing announced that it will cut its workforce by a tenth and push back deliveries of its 777X plane.