Impresa Aerospace, which makes parts involved in the manufacture of the Boeing's grounded 737 MAX jets, has filed for bankruptcy protection as Boeing continues to struggle both with getting the planes back in the air and the coronavirus pandemic.
Privately held Impresa filed for bankruptcy protection in the U.S. Bankruptcy Court in Wilmington, Del., amid a steep loss in revenue due to the global grounding of the 737 MAX aircraft following two fatal crashes that killed a total of 346 people.
The bankruptcy is the latest sign of the struggles afflicting Boeing and the aerospace industry, and how the 737 MAX's grounding and the ongoing pandemic has slammed the airline industry's demand for planes - and how that is reverberating through the entire aerospace supply chain.
Private-equity firm Twin Haven Capital Partners, Impresa’s majority owner and secured lender, plans to buy the Gardena, Calif.-based company out of bankruptcy for $10 million, unless a better offer is made, according to court papers.
Meantime, the U.S. Department of Defense on Thursday awarded Boeing a seven-year, $2.24 billion contract from the U.S. Air Force to produce small diameter bombs for the Department of Defense and seven foreign military sales customers.