Impresa Holdings Acquisition Corp., a California-based, privately owned company, filed for bankruptcy on September 24. It reported losses due to 737 Max production cuts and COVID-19.
Impresa manufactures metal parts for the aerospace industry. It cites Boeing as its largest customer.
Financial struggle for the company began a year ago when Boeing decided to ground its 737 Max fleet. The planes were grounded after two crashes killed over 300 people in 2018 and 2019, occurring near Jakarta, Indonesia and Nairobi, Kenya.
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Boeing slowed production of the 737 Max fleet in 2019, completely halting production in January 2020. The production cuts caused Impresa to lose a major source of its income.