Boeing is looking to raise approximately 19 billion dollars in a stock offering in a bid to shore up its finances that have been strained by a prolonged labor strike.

The aerospace giant's finances have worsened since roughly 33,000 of its workers walked off their jobs in mid-September.

A major ratings agency has put Boeing's credit score one notch away from junk status. The latest stock offering, announced on Monday, is meant to stave off a potential credit rating downgrade and secure sufficient funds to put its operations back on track.

Efforts are underway to streamline Boeing's businesses under Kelly Ortberg, who became the company's chief executive officer in August. Media reports said the firm is also considering selling its Starliner space capsule program, but that the assessment is at an early stage.