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https://finance.yahoo.com/news/spirit-aerosystems-seek-relief-lenders-065425970.html< br />
Shares of Spirit AeroSystems Holdings Inc, the world’s largest first-tier aerostructures manufacturer, plunged over 13% overnight after it announced that it is seeking concessions from lenders on repayment timelines and financial covenants as they worry about a sharp erosion in earnings after Boeing directed to cut production amid coronavirus pandemic.

The coronavirus related travel restrictions and grounding of passenger jets have led to a collapse in air travel demand.

Boeing Company, an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide, said that it has asked its biggest part supplier to substantially lower 737 Max production this year. However, Spirit cautioned that it may have an adverse impact on the financial condition of the company.

The company which manufactures several key pieces of Boeing, including the fuselage of the 737, portions of the 787 fuselage, and the cockpit section of the fuselage of nearly all of its airliners, said that it anticipates to hand over only around 70 shipsets, down from over 120 planned previously.

“Given the substantial production plan reduction, Spirit could breach the financial covenants under its credit agreement in the fourth quarter of 2020 without an amendment or waiver,” the company said in the SEC filing.

  

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