Boeing machinist strike adds cash crunch to new CEO’s rescue mission

Boeing machinists have gone on strike after rejecting a 25% pay offer over four years. (Image: Brett Phibbs)

Mon, 16 Sep 2024

By Sharon TerlepA tough job just got much tougher for Boeing’s new CEO.When the jet maker’s largest union went on strike Friday, the walkout compounded the list of problems facing Kelly Ortberg, who took Boeing’s top job five weeks ago. Among them: rapid cash burn, a struggling supply base and a manufacturing quality crisis.Hours after the walkout, debt-ratings firms warned that a prolonged work stoppage would prompt them to downgrade Boeing debt into junk status. With more than US$45 billion (NZ$73b) in net debt, a ratings hi...

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