Wichita aerospace supply company files for bankruptcy
WICHITA, Kan. (AP) — A Wichita aerospace supply company has filed for Chapter 11 bankruptcy protection following losses it blamed on the COVID-19 pandemic and suspension of Boeing’s 737 Max plane.
TECT Aerospace filed for the protection on Tuesday, which also covers the company’s facilities in Park City, Wellington and Everett, Washington, the Wichita Eagle reported. It does not cover a facility in Nashville, Tennessee.
The company manufactures aircraft structural components, among other aviation parts.
The company said in its filings that it will continue its work during the bankruptcy reorganization and plans to separately sell its Kansas and Washington state operations. Court documents say among its creditors, TECT owes about $18.3 million to Boeing and $4.2 million to Spirit AeroSystems.
Chapter 11 bankruptcy protection is meant to rehabilitate a business and allow it to reorganize its debts rather than liquidate.