Fort Worth-based GDC Technics, an aeronautics interiors supplier, has filed for Chapter 11 bankruptcy, according to a report in the Wall Street Journal.
The report follows a filing by the company, which has operations in Fort Worth and San Antonio, that it was laying off 223 workers at the two locations.
The layoffs and bankruptcy filing follow a dispute between the company and Boeing Co. (NYSE: BA). In a lawsuit filed by Boeing, GDC Technics is behind schedule on work to be performed on two Air Force One aircraft.
In a Worker Adjustment and Retraining Notification (WARN) letter to the Texas Workforce Commission, Brad Foreman, CEO of GDC Technics, said: “It is anticipated that most operations at the Fort Worth facility will cease and that the San Antonio facility will close due to the sudden and unexpected termination of a client contract.” Foreman’s letter said the layoffs are expected to be permanant.
GDC Technics is owned by aviation investment firm Oriole Capital Group.
According to the Wall Street Journal, GDC Technics has hired law firm Wick Phillips Gould & Martin LLP.