Impresa Aerospace LLC, a parts maker involved in the manufacture of Boeing Co. ’s 737 MAX airliners, has filed for bankruptcy protection after losing revenue due to the aircraft’s grounding in the wake of two fatal crashes.
Boeing’s 737 MAX planes were grounded after deadly crashes on takeoff in 2018 and 2019. The 737 MAX was a major source of revenue for the private-equity-owned Impresa, which filed for chapter 11 protection Thursday in the U.S. Bankruptcy Court in Wilmington, Del.
Problems stemming from the grounding of the 737 MAX are reverberating through the aerospace supply chain, leaving companies like Impresa stuck with commitments to buy goods to make parts for an aircraft that Boeing is producing only in small numbers.
“This is a challenging time for our entire industry, and we are working closely with all of our suppliers to manage through the unprecedented downturn, address hardships and manage risk during this time,” a Boeing spokesman said.
Private-equity firm Twin Haven Capital Partners LLC, Impresa’s majority owner and secured lender, plans to buy the company out of bankruptcy for $10 million, unless a better offer is made, according to court papers filed by Impresa Chief Executive Steven Loye.