Boeing to borrow billions amid financial losses

(CNN)– Boeing is turning to major banks and Wall Street to raise tens of billions of dollars in cash.

In a regulatory filing, the company announced plans to borrow $10 billion from numerous banks.

It also separately announced plans to raise $25 by selling stock and debt.

Last week, Boeing’s new CEO announced plans to cut 10% of its worldwide staff of 171 thousand workers.

The moves come as the company contends with massive financial losses and from a crippling strike and years of operational and safety problems.