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Boeing provides $350M advance to aid struggling supplier Spirit AeroSystems

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Boeing provides $350M advance to aid struggling supplier Spirit AeroSystems
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Simple Flying | Simple Flying

Boeing has committed to providing financial support to Spirit AeroSystems, a company known for developing aircraft fuselages. The US-based planemaker will advance up to $350 million to aid Spirit in managing its production amid a liquidity crisis. According to the agreement, Spirit must repay a quarter of this sum by April 2026 and the remaining balance by the end of that year.

As reported by The Wall Street Journal, Boeing's payment aims to assist Spirit in addressing its low operational cash flows despite high inventory levels. This move follows reports from Simple Flying that highlighted Boeing's consideration of funding for Spirit after the latter disclosed uncertainty about continuing operations due to substantial losses over recent years.

Spirit previously had over $823 million in cash at the end of last year but saw this reduce to less than $218 million by September this year. The company anticipates burning through approximately $500 million during the remainder of this year and into next year.

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The financial injection is expected to help Spirit maintain its current production rates, which have become increasingly costly. A strike involving Boeing machinists recently ended after more than 50 days, further impacting Spirit's operations.

In July, Boeing finalized an agreement valued at nearly $5 billion to acquire Spirit AeroSystems, with an enterprise value estimated at around $8.3 billion including net debt. Pat Shanahan, CEO of Spirit, confirmed last month that the acquisition is expected to be completed by mid-next year.

Simultaneously, Spirit announced a binding term with Airbus in July that provided Airbus ownership of certain operations supplying its programs. An amended agreement now includes Airbus offering a non-interest-bearing line of credit worth $107 million as advance payments for various programs.

According to Spirit: “Per the agreement, amounts drawn under the line of credit and related repayment obligations will be directly or indirectly assumed by Airbus or one of its affiliates upon closing transactions contemplated by the term sheet dated June 30, 2024."

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