Fort Worth aviation firm files bankruptcy, announces layoffs

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.

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 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.