Bankrupt Aerospace Firm Astech Wins Approval to End Boeing Deal

Astech Engineered Products Inc., a bankrupt manufacturer of aerospace parts, won court approval to reject its Boeing contracts that it said were causing a “significant loss.”

Astech’s decision to terminate the contracts, over the aerospace giant’s objection, is a permissible exercise of Astech’s business judgment and tools provided under Chapter 11, Judge Brendan L. Shannon of the US Bankruptcy Court for the District of Delaware ruled during a hearing Wednesday.

Santa Ana, Calif.-based Astech, a manufacturer of welded metallic honeycomb panel products, said in court filings that it’s using the bankruptcy process to address contracts that contributed to losses “at ...