Shares of Boeing plunged more than 18 percent in another bruising day for Wall Street as the company announced the belt-tightening measures after disclosing dozens of MAX plane cancelations. In addition, sources confirmed the aviation giant already essentially tapped a $13 billion loan package finalized just last month. “It’s critical for any company to preserve cash in challenging periods,” Boeing Chief Executive David Calhoun wrote in a message to workers. He announced the company would limit travel and bar overtime except in “critical” cases, and pause new hiring pending a review. Boeing last month reached agreement with a consortium of large banks for a $13 billion two-year credit agreement to finance its activities.

Source: Manila Times March 12, 2020 16:07 UTC