Boeing Co. has announced a significant financial maneuver by securing a $10 billion credit agreement with a consortium of banks. This move comes as the aerospace giant faces a crippling strike and prepares for upcoming debt maturities. The agreement is part of Boeing's strategy to diversify its financing options, especially as it confronts $11.5 billion in debt maturing by February 2026.

The strike, involving approximately 33,000 workers from the Machinists union, has severely impacted Boeing's operations, halting production of its popular 737 MAX aircraft. This industrial action is estimated to be costing the company over $1 billion monthly. In response to these financial strains, Boeing has announced plans to cut 17,000 jobs, representing 10% of its global workforce.

Boeing's financial challenges are compounded by a regulator-imposed cap on the production of its MAX jets following a mid-air cabin-panel incident earlier this year. The company has reported operating cash flow losses exceeding $7 billion for the first half of 2024 and is managing a total debt of about $60 billion, including the $10 billion raised earlier this year.

The credit agreement is crucial for Boeing as it seeks to maintain its investment-grade credit rating, which is under threat of being downgraded to junk status. This financial strategy also includes a previous commitment to issue $4.7 billion in shares to acquire Spirit AeroSystems and assume its debt.

Boeing's shares saw a 2% increase in pre-market trading following the announcement, indicating a positive market response to the company's efforts to stabilize its financial situation amid ongoing challenges.