Britain’s Rolls-Royce desperately needs to raise cash. The aircraft-engine maker is suffering huge financial losses following air travel restrictions caused by the pandemic.
The company said on Saturday it was looking to raise up to £2.5 billion (US$3.2 billion) to strengthen its balance sheet.
The aviation giant said it was considering a variety of options, including a rights issue, as well as debt and equity issuances.
A Financial Times report said the company was in talks with sovereign wealth funds, including Singapore’s GIC, as part of its efforts to raise funds.
GIC did not immediately respond to a Reuters request for comment. Rolls-Royce declined to comment beyond its statement.
The normally solid Derby-based company laid off at least 9,000 workers in May, due to the slump in air travel.