Business Services Industry
Boeing to Take $158 Million After-Tax Charge in Third Quarter.
Knight Ridder/Tribune Business News, October, 2002
By Melissa Allison, Chicago Tribune Knight Ridder/Tribune Business News
Oct. 5--Still feeling the pain of an ailing airline industry, Boeing Co. said Friday it will take a $158 million non-cash, after-tax charge in the third quarter to revalue assets in its finance unit.
Ongoing problems at several airlines, as well as declining values for certain aircraft used as collateral, prompted Boeing Capital Corp. to set aside more money for potential losses.
In addition, an investment secured by aircraft on lease to United Airlines has declined in value from about $79 million to nearly zero, a loss that will be realized as part of the charge. The write-down is based partially on United's declining credit ratings.
Boeing said United...
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