Textron Seeks to Purchase Superior Air Parts out of Bankruptcy

Jan. 5, 2009
Avco, a Textron subsidiary, is the proposed purchaser.

Texas-based Superior Air Parts has filed for bankruptcy and is seeking permission for a quick sale of its assets.

The proposed sale follows a Dec. 31 bankruptcy filing by Superior -- the bankruptcy was filed so that the transaction could take place as an asset purchase and the purchaser could take Superior’s assets free of any debts or liabilities.

Court documents state that the proposed purchaser would be Avco, a wholly owned subsidiary of Textron and parent corporation to Lycoming (so Superior would be a sister company to Lycoming, pending other internal changes). The sale must be approved by the Bankruptcy Court (Northern District of Texas).

The proposed asset sale would be for the sum of $11.5 million.