Boeing Acquisition of TECT Aerospace Assets Gets Court Approval

Boeing Co. will proceed with a deal to buy supplier TECT Aerospace Group Holdings Inc.'s two Kansas manufacturing facilities and headquarters for $38.8 million after a bankruptcy judge approved it.

The approval by Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware came during a virtual hearing Tuesday after TECT revised the purchase agreement to resolve a creditor’s previous objections.

Under the deal, the payment by Kansas Aerospace Manufacturing LLC, a wholly owned Boeing subsidiary, will include forgiving $13.5 million of secured obligations, funds to wind down TECT and pay certain ...