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Covid-19 impact: Rolls-Royce raising $6.5 bn to survive cash crunch

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London: Rolls-Royce plans to raise a total of 5 billion pounds ($6.5 billion), including 2 billion pounds from shareholders, to rebuild its balance sheet as the coronavirus travel crisis wreaks havoc on the British engine maker's cashflow.Airlines pay Rolls based on how many hours its engines fly in larger jets and worries over the slump in long-haul travel have knocked 80% off the value of its shares this year.Rolls, whose engines power the Boeing 787 and Airbus 350, said in May it would cut 9,000 jobs as a result of the pandemic and its finances have been under intense scrutiny."The capital raise announced today improves our resilience to navigate the current uncertain operating environment," Chief Executive Warren East said on.

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