cascade runs to credit pressure
Boeing strike-risk cascade from contract rejection to repricing Escalation ladder from the SPEEA contract rejection through the strike-vote clock, walkout branches, deferred deliveries and deferred cash, to credit pressure and re-rating, with firewall brakes that can arrest the cascade. SPEEA rejects deal 3% raise cap · Aug 21 Strike-vote clock October expiry Walkout branch brake Cascade held ratify before Oct 1 2 3 IAM-type walkout halts 737 · 787 · 777X SPEEA strike idles MAX 10 · 777-9 Deferred deliveries aircraft sit at the gate 4 airplane body · 737 MAX · 787 · 777X lines SPEEA cert Cash at handover 5 FCF miss below $1–3B guide $20.9B cash + $10B revolver Credit pressure revolver draw new debt build 6 Re-rating estimate cuts ~28.7x EV/EBITDA order backlog deferred, not destroyed