Boeing plans to raise up to $35 billion from investors and banks as a costly strike by thousands of its workers enters its second month.

The union representing over 30,000 workers held a rally in Seattle while Boeing prepares to lay off about 17,000 employees, with notices expected by mid-November.

Negotiations to end the strike collapsed last week when Boeing withdrew a 30% pay rise offer over four years.

The company aims to raise $25 billion through stock and debt offerings and has secured an agreement with banks to borrow up to $10 billion.

Boeing’s shares rose 2.2% following the announcements. Although the layoffs will be compulsory with severance offered, they currently do not impact striking workers, the BBC has reported.

Boeing also announced delays in the delivery of its 777X planes and anticipates a quarterly loss, with the strike costing the company around $1 billion per month.

The situation has drawn attention from the Biden administration, prompting meetings between labor representatives and Boeing executives.

Written by B.C. Begley