Boeing Wins Bankruptcy Auction for Supplier TECT’s Kansas Assets

Boeing Co. agreed to acquire the Kansas assets of its bankrupt supplier, TECT Aerospace Group Holdings Inc., after winning an auction with a bid worth nearly $20 million.

Kansas Aerospace Manufacturing LLC, a wholly owned Boeing subsidiary, offered to pay $500,000 in cash, plus $13.5 million in secured debt forgiveness and creation of a $5.84 million fund to cover assumed liabilities.

The purchase agreement, filed July 2 with the U.S. Bankruptcy Court for the District of Delaware, covers assets related to TECT’s Kansas manufacturing business.

The bankrupt airplane parts manufacturer decided to hold the auction without an opening bid after ...