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Boeing to Receive $882 Million in Delayed Air Force Payments for KC-46 Tankers

MT NEWSWIRES 5:49 AM ET 4/3/2020

Symbol Last Price Change
BA 123.27down 0 (0%)
QUOTES AS OF 06:30:00 PM ET 04/02/2020

05:49 AM EDT, 04/03/2020 (MT Newswires) -- Boeing(BA) is expected to receive payments amounting to $882 million that were previously withheld by the US Air Force due to defects in the KC-46 aerial tanker, according to media reports.

The planned release is part of a broader program aimed at keeping defense contractors afloat amid the financial crunch caused by the COVID-19 pandemic, the reports said.

The tanker contract gives the Air Force the right to withhold about $28 million of the cost of each jet to ensure the quality of the tankers. The Air Force could have held back up to $924 million based on 33 jets already delivered, according to the reports.

Shares were marginally higher pre-bell.

Price: 121.60, Change: -1.67, Percent Change: -1.35


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