A stalking horse bid refers to a starting bid on the assets of a bankrupt company and is used to set the lowest price for that item or asset so that no bidder can underbid. Wipro remains silent on all the query emails until press time.TECT Aerospace unit at Washington produced components for the Boeing 737 Max aircraft.
TECT Aerospace had filed for Chapter 11 bankruptcy in April 2021 due to the impact of stoppage on the manufacturing of Boeing 737 Max aircraft in December 2019 as an effect of regulations and restrictions imposed on traveling due to the rise of the Covid-19 pandemic around the world. Wipro Givon USA has its own plant in Everett, Washington, that has around 38 employees and is situated just at a distance of one mile from Boeing’s manufacturing unit.
Court proceedings related documents suggest Infrastructure Engineering and Wipro Givon already have business interactions with Boeing. Givon USA is a major provider of F-35 multirole stealth aircraft by Lockheed Martin, which faced lots of troubles because of over-cost escalations by US lawmakers. 75% of Wipro Givon USA’s revenues come from components produced for the F-35 aircraft.