Seattle, WA

Boeing says it may raise $25 billion as Seattle strike bites – DW – 10/16/2024

Published

1 year ago

October 15, 2024

Boeing says it may raise billion as Seattle strike bites – DW – 10/16/2024

Boeing indicated on Tuesday that it could raise up to $25 billion (€23 billion) including by issuing and selling new shares to aid its ailing balance sheet after years of heavy losses, while factory workers of the US planemaker continue to strike, demanding a better salary.

Boeing said in back-to-back regulatory filings that it could raise the funds over the next three years and enter into a fresh agreement with lenders.

Years in the making

The planemaker hasn’t made an annual profit since 2018, losing more than $25 billion in total over the years that have followed.

Boeing’s reputation has been severely hit over that period which has seen two 737 Max jets crashing, killing 346 people.

Boeing 737 Max incident could have been ‘much more tragic’

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video

Finances for the planemaker are currently under even more strain as a strike by workers who build most of its airline jets goes into its second month. The industrial action has deepened Boeing’s cashflow issues, slowing production and delivery.

Factory workers held a large rally in Seattle on Tuesday to demand better wages, adding pressure on new CEO Kelly Ortberg to end the dispute.

Hundreds of workers were in the main hall at union headquarters chanting “Pension! Pension! Pension!” and “One day longer, one day stronger!”

Boeing is cutting around 10% of its workforce — or 17,000 people — “over the coming months,” and postponing the launch of its first 777X jetliner. But factory workers in Seattle remained undeterred on Tuesday, as they continued to fight for higher wages and improved pensions.

A sign saying "Pension" is held above the crowd during a rally by Boeing machinists, labor allies and elected officials in Seattle at their union hall — Improved pensions was on the agenda of Boeing machinists, labor allies and elected officials in Seattle at their union hallImage: Manuel Valdes/AP/picture alliance

Around 33,000 West Coast workers, most in Washington state, have been on strike since September 13, calling for a 40% salary increase spread over four years.

The strike has halted production of Boeing’s best-selling 737 MAX and its 767 and 777 twin-aisle aircraft. The company is typically paid on delivery with its orders from airlines, hence the additional short-term cashflow strain.

Boeing made an offer to raise hourly wages for striking workers by 30% but union negotiators rejected it, saying it “did not go far enough” to address concerns, and that the planemaker “has missed the mark with this proposal.”

Now entering its second month, the strike has no end in sight and has only added to the company’s litany of problems.

As a result of the action, Boeing has said it is pushing back first delivery of the 777X to 2026 from 2025. The plane was originally supposed to enter service in January 2020.

Union leaders at a rally in Seattle to demand better working conditions — Union leaders attended a rally in Seattle as the strike entered its second monthImage: Manuel Valdes/AP/picture alliance

Share price boosted

But the company’s stated contingency plans did improve investor sentiment slightly on Tuesday, as shares of The Boeing Co roseby 2% in afternoon trading.

Boeing’s securities filings indicated that it has the ability to raise funds by offering stocks or debt over the next three years if needed, but also did not commit it to doing anything.

The planemaker said that it entered into a $10 billion supplemental credit agreement with several leading banks to provide short-term liquidity.

American credit assessment agency Fitch Ratings said the announcements increase Boeing’s financial flexibility and ease short-term liquidity fears. Management’s ability to tap capital sources other than debt “will help alleviate downgrade risks” by improving the likelihood of paying off debt that matures in 2025 and 2026, Fitch said.

The news comes as a welcome boost after credit rating agency Standard & Poor’s said last week it was considering cutting Boeing’s credit rating.

Boeing’s troubled Starliner spacecraft returns without crew

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video

jsi/msh (AP, AFP, Reuters)

Source link

Seattle, WA

Seattle Torrent put Olympic captain Hilary Knight on long-term IR – Seattle Sports

Published

2 hours ago

February 28, 2026

Press Room

Seattle Torrent put Olympic captain Hilary Knight on long-term IR – Seattle Sports

Olympians Hilary Knight, Kendall Coyne Schofield and Erin Ambrose have all been placed on long-term injured reserve by their PWHL clubs after sustaining injuries during the Milan Cortina Games.

Kraken sign forwards Ben Meyers, Ryan Winterton to extensions

Knight, a five-time Olympian and captain of the United States team that won gold, will be out of the lineup for the Seattle Torrent indefinitely after sustaining a lower-body injury in Italy, the team announced Friday.

Knight had three goals and three assists for the U.S. at Milan Cortina including a goal in the 2-1 overtime win over Canada in the final. She has three goals and seven assists during the current PWHL season.

USA comes back to beat Canada in OT for women’s hockey gold

“While we’re eager to be at full strength and recognize the anticipation of Hilary’s return, we’re focused on putting her and our team in the best position for a playoff push,” Torrent general manager Meghan Turner said in a statement.

Minnesota Frost captain Coyne Schofield was placed on long-term injured reserve on Friday retroactive to Feb. 19 with an upper-body injury. Coyne Schofield scored three goals for the United States during the Olympics.

“I am incredibly proud of all our Frost Olympians who demonstrated true excellence on the world stage,” general manager Melissa Caruso said in a statement. “We are fully committed to supporting Kendall throughout her recovery, and our medical team will be working diligently to help her prepare for her return to the ice.”

The moves by the Torrent and Frost came a day after the Montreal Victoire announced that Ambrose has been placed on long-term injured reserve retroactive to Feb. 19 for a lower‑body injury suffered while representing Canada in the gold medal game. Ambrose had a pair of assists at the Olympics.

The Victoire’s Marie-Philip Poulin, Canada’s captain in Italy, was listed as day-to-day with an Olympics-related injury.

Victoire general manager Daniele Sauvageau said of the team’s Olympians “we are confident that they will be back in the lineup in the near future.”

PWHL influence apparent at Olympics with OT medal games

Source link

Seattle, WA

Three trapped after car goes into ditch near Seattle’s Washington Park Arboretum

Published

14 hours ago

February 27, 2026

Press Room

Three trapped after car goes into ditch near Seattle’s Washington Park Arboretum

SEATTLE — Firefighters are responding to a car that drove into a ditch near Lake Washington Boulevard East and East Foster Island Road on Friday, according to the Seattle Fire Department.

Crews arriving at the scene reported that three people are trapped inside the car.

Firefighters were working to stabilize the car and get everyone out safely. Crews worked to remove the roof of the car to get everyone out, according to fire officials.

Authorities are urging the public to avoid the area while emergency crews respond.

The crash occurred in the area between the Montlake and Broadmoor neighborhoods, and traffic can be expected as emergency crews respond.

No additional information was immediately available.

Source link

Seattle, WA

Seattle Kraken fall to Blues 5-1 in 2nd straight loss

Published

1 day ago

February 27, 2026

Press Room

Seattle Kraken fall to Blues 5-1 in 2nd straight loss

ST. LOUIS (AP) — Dylan Holloway had a hat trick and added an assist in his return from a sprained ankle, Joel Hofer made 23 saves and the St. Louis Blues came off the Olympic break to beat the Seattle Kraken 5-1 on Thursday night.

St. Louis Blues 5, Seattle Kraken 1: Box score

Jordan Kyrou and Holloway — activated from injured reserve before the game — scored in a 23-second span early in the second period to give St. Louis a 3-1 lead.

Pius Suter added a goal and two assists to help the Blues end a three-game losing streak.

Holloway completed St. Louis’ first hat trick of the season with 3:01 left, scoring into an empty net for his 11th of the season.

Kaapo Kakko tied it at 1 for Seattle in the first period, and Philipp Grubauer stopped 26 shots. The Kraken were coming off a 4-1 loss in Dallas on Wednesday night.

Kyrou made it 2-1 at 1:12 of the second off a feed from Pavel Buchnevich on a break. Holloway poked the puck past Grubauer off a scramble at 1:35. Suter scored at 1:56 of the third.

St. Louis’ Cam Fowler appeared in his 1,100th game, becoming the 10th active defenseman in the NHL to reach the mark.