Rolls-Royce (OTCPK:RYCEY) says it will try to raise as much as £2.5B ($3.2B) in an effort to strengthen its balance sheet.

The company says it is considering a range of funding options, including a rights issue as well as debt and equity issuances.

A Financial Times report says Rolls-Royce is in talks with sovereign wealth funds, including Singapore’s GIC, as part of its attempt to raise funds.

The company reportedly is working with Goldman Sachs on the planned equity raise.

Rolls-Royce has been hit hard by the drop in long-distance travel, with its share price down 76% over the past year and its debt downgraded further into junk.


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