Boeing Supplier TECT Seeks Bankruptcy Sale After Revenue Slump

TECT Aerospace Group Holding is trying to sell itself in bankruptcy after the manufacturer got squeezed by the pandemic and lost revenue tied to Boeing Co.’s 737 Max jet.

• The company makes “high precision” parts for “many of the largest aerospace manufacturers” in the world, including Boeing, Chief Restructuring Officer Shaun Martin said in a court declaration
• TECT owes $41.9 million under a secured credit facility; Boeing became the sole lender under the deal in February, court papers show
  • Company also owes $35 million to trade creditors, much of it to Boeing
• In 2019, 35% of TECT’s total revenue ...