ICON Aviation Bankruptcy Moves Forward

[Photo: ICON]

ICON Aircraft, the manufacturer of the amphibious sport plane, has selected a stalking horse bidder in connection with its recent Chapter 11 bankruptcy court supervised marketing and sale process.

A stalking horse bid is defined as an initial offer on the assets of a bankrupt company. It establishes the baseline price for assets of the company.

SG Investment America Inc. has been designated to set the floor price for the sale of ICON's assets. According to the company, this step is aimed at maximizing the value for its stakeholders and facilitating a smooth transition through the bankruptcy process.

READ MORE: ICON Announces Bankruptcy Filing

“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.”

It was noted that during this process that ICON continues to build, sell, and service its amphibious aircraft, as well as work with the FAA to achieve type certification of the ICON A5.

READ MORE: The Icon A5: An LSA Amphib That Handles Like A Dream

The company noted the bankruptcy sale process is expected to continue through late May.

Meg GodlewskiAuthor

Meg Godlewski has been an aviation journalist for more than 25 years and a CFI for more than 21 years. If she is not flying or teaching aviation, she is writing about it. Meg is a founding member of the Pilot Proficiency Center at EAA AirVenture and excels at the application of simulation technology to flatten the learning curve. Follow Meg on X (formerly Twitter). @2Lewski.