Following its Chapter 11 bankruptcy filing, ICON Aircraft, known for its Icon A5 amphibious light sport aircraft, announced it has accepted an initial bid for the sale of its assets.
ICON announced the news in a May 3 press release revealing SG Investment America Inc. is the “stalking horse bidder,” tasked with setting the initial sale price.
“The decision to designate a stalking horse bidder underscores our commitment to ensuring the long-term viability of our business,” said Jerry Meyer, CEO of ICON Aircraft. “We believe that this proactive approach will help employees, partners, and customers have confidence in our ongoing operations, enabling the Company to achieve the best possible outcome.”
According to ICON, the stalking horse bidder’s proposal will be the starting point for competing offers throughout the bankruptcy sale proceedings, expected to extend until late May. ICON says the move is aimed at maximizing value for the company’s stakeholders including investors, vendors and members of the board.
Despite the financial challenges, ICON reaffirmed its commitment to delivering safe and innovative aircraft to its customers. Moreover, the company says it’s in close collaboration with the FAA to get production certification for its type certified ICON A5, allowing it to sell in international markets that don’t recognize the light sport aircraft category.
