Tue Apr 20, 2021 5:34 pm Bankruptcy Filings  Distressed Debt

Highlighting our TECT Aerospace bankruptcy case summary, the First Day by Reorg team took a deep dive into the chapter 11 filing that occurred on Monday, April 12 discussing the company’s background and events leading up the the bankruptcy filing as well as the DIP financing motion, the motion for joint administration, the motion to use cash management system and other motions involved. 

The manufacturer of high precision components and assemblies for the aerospace industry took a hit when Boeing suspended the production of its 737 MAX airplane, Spirit AeroSystems put an end to their supply agreement with TECT and when the Covid-19 pandemic restricted travel across the globe. Debtors are hopeful that the chapter 11 filing will result in the sale of most of their assets and with $50 million to $100 million in assets and $100 million to $500 million in liabilities, the debtor’s prepetition capital structure includes secured debt, unsecured debt and equity. Click through to read our full TECT Aerospace bankruptcy case summary here: https://reorg.com/tect-bankruptcy-case-summary/ 

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