Boeing seeks $10 bln amid 737 MAX crisis

A Boeing 737 Max being built for Norwegian Air International taxis

The Federal Aviation Administration (FAA) had also publicly criticised Boeing for its aggressive timeframe, suggesting the target was a tool for pressuring the agency into approving the plane more quickly.

"Returning the Max safely to service is our number one priority, and we are confident that will happen".

Dublin-based lessor Avolon, which has 148 MAX jets on order, was more sanguine, predicting that strong demand for the plane as a Boeing product would support valuation.

The MAX statement overshadowed an earlier announcement that the 777X would undertake its first flight on Thursday, progress for a key widebody jet that has itself been delayed for different reasons.

"We are making necessary updates and working with the FAA on submission of this change, and keeping our customers and suppliers informed", said Boeing.

Boeing has said its largest ever twin-engined model, created to hold on average 406 people, would fly for the first time in early 2020, with the first jet on track to be delivered in 2021.

Development of the long-range aircraft, which can take between 384 and 426 passengers, hit a snag in September when the fuselage of the plane split during a stress test. Boeing faces rising costs from halting production of the plane this month, compensating airlines for lost flights and assisting its supply chain.

The company has reportedly secured $6 billion already, and is talking to lenders to increase this figure.

The announcement came while Boeing shares remained halted after tumbling more than 5 per cent following a report of the latest delay in the Max, which has been grounded since March of a year ago following two deadly crashes.

Banks which have already loaned money to Boeing include Citigroup, Wells Fargo, and J.P. Morgan.

Boeing plans to pause production on the plane entirely in January, as the company continues to await approval from the FAA to reenter the MAX into circulation.



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