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Former Boeing CEO Muilenburg resigns from Caterpillar board
NEW YORK: Caterpillar Inc said on Monday former Boeing Co Chief Executive Officer Dennis Muilenburg(pic) had resigned from its board.
Caterpillar said in a regulatory filing http://www.sec.gov/Archives/edgar/data/18230/000001823020000015/0000018230-20-000015-index.htm that Muilenburg's resignation, which is effective immediately, was not due to any disagreement with the company.
Muilenburg joined the board in 2011.
Boeing fired Muilenburg last month after repeatedly failing to contain the fallout from a pair of fatal crashes that halted output of its best-selling 737 MAX jetliner and tarnished its reputation with airlines and regulators.
Boeing Co meanwhile said it has secured financing commitments for more than US$12 billion from over a dozen banks, a source familiar with the matter said on Monday, as financial pressures mount due to a production halt on its 737 MAX aircraft.
The financing deal was not closed and not yet finalized, the source added.
Boeing declined to comment.
Earlier in the day, CNBC reported that the company had secured the loan.
Reuters last week reported https://reut.rs/37vYQnn that Boeing was in talks to obtain up to $12 billion in loans and that Citigroup was leading the transaction along with JP Morgan, Wells Fargo and Bank of America.
Analysts estimate that Boeing has been losing around $1 billion a month because of the grounding after two crashes involving the 737 MAX jetliner. The company reported an almost $3 billion negative free cash flow for the third quarter.
Boeing is expected to report its fourth-quarter results on Jan. 29.
- Reuters
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2020-01-28 12:28