Boeing Co. accused the owners of bankrupt parts manufacturer Tect Aerospace Group Holdings Inc. of raiding the company’s assets and sought a stake in any legal claims against the corporate insiders allegedly responsible, WSJ Pro Bankruptcy reported. Boeing said that in return for providing roughly $60 million in bankruptcy financing, it deserves a stake in possible commercial tort claims against Tect’s directors and officers for potentially breaching their fiduciary duties to the company, which filed for chapter 11 protection last month. Tect appeared in bankruptcy court yesterday seeking final approval for its chapter 11 financing package. Boeing, a Tect customer, said that it is also the only lender to come to the company’s rescue and provide the financing needed to conduct asset sales. Judge Karen Owens of the U.S. Bankruptcy Court in Wilmington, Del., said that nearly all of the terms Boeing was requesting were reasonable and appropriate, including its request for an interest in potential claims against Tect insiders. The judge also ordered some tweaking to the financing package, saying that it would refinance more prebankruptcy debt held by Boeing than is customary. Wichita, Kan.-based Tect has reached a proposed deal to sell assets at its Everett, Wash., manufacturing plant for $31.1 million. The company also has facilities in Wellington and Park City, Kan.
