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TECT Aerospace receives shorter-than-requested exclusivity extension
By Sarah Lizee
Olympia, Wash., Aug. 23 – TECT Aerospace Group Holdings, Inc. received a shorter-than-requested extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.
Specifically, the plan filing period was extended through Oct. 4 and the solicitation period was extended through Dec. 2.
As previously reported, the company had asked the court to extend the plan filing period through Nov. 1 and the solicitation period through Jan. 3, 2022.
The official committee of unsecured creditors had objected to the motion, saying it has “serious concerns about the lack of any meaningful progress towards a consensual plan of liquidation, or any plan, and the debtors’ exit from these Chapter 11 cases.”
The group noted that debtor-in-possession milestone to file a Chapter 11 plan has already been extended once to Aug. 6 from July 19, but the committee hasn’t seen a draft of a Chapter 11 plan, or even a term sheet.
“Furthermore, with substantially all of the debtors’ assets having been sold, the committee questions the necessity of a nearly three-month extension of the exclusive periods,” the committee said.
“Such a request is unduly long given the facts and circumstances of these cases and the committee respectfully requests that an extension of the exclusive periods, if any, be limited to no more than 30 days.”
Wichita, Kan.-based TECT Aerospace manufactures high-precision components and assemblies for the aerospace industry. The company filed bankruptcy on April 5 under Chapter 11 case number 21-10670.
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