Aerospace supplier Incora filed for Chapter 11 protection on Thursday, citing depressed demand for aircraft maintenance and litigation over its efforts to restructure its debt outside of bankruptcy.
Incora entered bankruptcy with $3.14 billion in debt, according to its court filings in Houston bankruptcy court. Incora CEO David Coleal said in a statement that the company intended to "right-size" its debt while continuing to meet customer demand.
As air travel resumed, Incora faced additional challenges including supply chain disruption, high inflation, and a slower-than-expected rebound from the pandemic, particularly in China’s commercial air travel industry. Profits dropped from $204 million in 2019 to $65 million in 2021, according to court filings.
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