Boeing could sell $10 billion in new shares to raise cash

Boeing (B.A) is considering selling new shares to improve its balance sheet.

Bloomberg reports that the Virginia-based aerospace giant did so, citing unnamed sources familiar with the matter Considers selling around $10 billion new shares worth to raise cash.

The aircraft manufacturer had a tough yearsince a door plug on a 737 Max 9 jet burst through in January, inviting constant inspection and a… Federal Aviation Administration production cap on his best-selling aircraft.

According to Bloomberg, the stock sale is not expected to take place for another month and depends on whether Boeing can end a strike, of which there have been some 33,000 Boeing machinists quit their jobs last month. This work action is Boeing loses about $50 million a dayand is so large that researchers say it even could put a damper on Friday's jobs report.

Although Boeing is one of the largest U.S. manufacturers, it doesn't have much extra money. That's up from $77.8 billion in sales last year, it said its annual reportThe company spent $70.1 billion on the materials to build planes and the people who do the construction – including the machinists.

In the second quarter, Boeing reported negative free cash flow of more than $4 billion and a diluted loss per share of $2.90.

Boeing shares have fallen nearly 40% so far this year, giving it a market capitalization of $93.2 billion. Shares closed Monday down 2.74% at a price per share of $152.04 and were down less than 1% in premarket trading on Tuesday.

Chief Financial Officer Brian West said at a conference In mid-September, he stated that the strike “will disrupt production, supplies and operations and threaten our recovery.”

The company has struggled to get its finances – and reputation – in order. In July Boeing guessed Robert “Kelly” Ortberg An industry veteran is appointed as the new CEO, whose task it is to turn around the ailing aircraft manufacturer.