The planemaker finds itself in an increasingly untenable situation with its finances so dire that it can ill afford a drawn-out paralysis.

Boeing’s CEO says the company will begin furloughing a large number of employees to save cash during a strike by union machinists.

Boeing may prevent its debt being downgraded to junk by issuing more stock, which would deal another blow to current shareholders.

Boeing is temporarily furloughing executives and other nonunion workers to save cash during the strike by 33,000 members of the International Association of Machinists, CEO Kelly Ortberg told employees in an email Wednesday.

Boeing will furlough tens of thousands of its executives, managers and others as more than 30,000 machinists intend to go on strike Friday in Seattle and Oregon.

Boeing and its largest union will resume contract talks on Wednesday after failing to agree on key issues of wages and pensions on Tuesday, the International Association of Machinists and Aerospace Workers said.

Boeing is furloughing tens of thousands of workers amid a major machinist strike. Last week, 96% of the 33,000 Boeing machinists voted to reject a new contract and instead strike. Though negotiations have continued,