Boeing has withdrawn its 30 per cent pay offer to striking factory workers as talks to end the financially damaging industrial action broke down.
The stalemate comes as S&P Global Ratings warned that it may cut the aircraft maker’s investment-grade credit rating to junk. A downgrade would increase the company’s borrowing costs at time when it is taking steps to preserve cash.
Boeing has been forced to halt the production of its bestselling 737 Max and its 767 and 777 planes as a result of the strike — the first at the company in 16 years — and is preparing to furlough tens of thousands of employees to save money.
Reuters reported on Wednesday that the company was examining options to raise billions of