Boeing Named Top Bidder for Kansas Assets of Bankrupt Tect -- Market Talk
July 06 2021 - 11:59AM
Dow Jones News
By Becky Yerak
Boeing Co. has been named the winning bidder for the Kansas
manufacturing assets of bankrupt Tect Aerospace Group Holdings
Inc.
The bid by Boeing, which is a Tect customer and lender, totaled
$19.8 million, according to a draft asset-purchase agreement filed
Friday in U.S. Bankruptcy Court in Wilmington, Del.
That offer includes a $13.5 million credit bid, which represents
debt that will be cancelled. The backup bidder is an affiliate of
current owner Stony Point Group.
The agreement remains subject to revisions between Boeing and
the aircraft-parts maker, and the sale needs court approval.
Write to Becky Yerak at becky.yerak@wsj.com
(END) Dow Jones Newswires
July 06, 2021 11:58 ET (15:58 GMT)
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