Tect Aerospace Gets Approval for Bankruptcy Plan that Includes Boeing Deal

By Becky Yerak

Tect Aerospace Group Holdings Inc., which filed for bankruptcy last year due to fallout from Boeing Co.'s 737 MAX jetliner problems as well as travel restrictions during the pandemic, got its chapter 11 plan approved.

Tect, based in Wichita, Kan., sold its Kansas operations to Boeing as part of the bankruptcy, which was filed last April in the U.S. Bankruptcy Court in Wilmington, Del.

Assets in Everett, Wash., were sold to another company. The liquidation plan also includes a settlement that resolves potential litigation between Tect, the unsecured creditors committee and Boeing, which had also been a Tect lender.

Write to Becky Yerak at [e-mail]

(END) Dow Jones Newswires

03-08-22 1740ET