Airplane-parts maker Tect Aerospace Group Holdings Inc. has filed for bankruptcy ahead of a planned asset sale, hurt by Boeing Co. ’s halt on production of the 737 MAX jetliner and by travel reductions during the coronavirus pandemic, WSJ Pro Bankruptcy reported. The Wichita, Kan.-based manufacturer has arranged a $60.2 million financing package from Boeing to maintain operations during the chapter 11 case, filed Monday in the U.S. Bankruptcy Court in Wilmington, Del. Boeing has the option to use its debt as currency to buy the business, according to court papers. Tect parts are used in flight controls, fuselage and other sections of both civilian and military aircraft world-wide. The company said it has 381 full-time employees at its headquarters, at a manufacturing plant in Everett, Wash., and at facilities in Wellington, Kan., and Park City, Kan. The pandemic, coupled with last year’s halt in 737 MAX production, caused purchase cutbacks and production stoppages in the aircraft industry, severely impacting Tect, Chief Restructuring Officer Shaun Martin said in a sworn declaration.
