ICON Aircraft files Chapter 11; aims for business sale

ICON Aircraft, the creator of the innovative ICON A5 amphibious sport plane, has declared the initiation of a strategic restructuring by filing for Chapter 11 bankruptcy protection.

The company has revealed its intention to sell its business pursuant to Section 363 of the Bankruptcy Code, while also committing to maintain customer support and ongoing operations throughout the Chapter 11 proceedings.

The management team at ICON Aircraft has expressed their unwavering dedication to the company’s vision of transforming personal aviation. They have pledged to continue supporting the aircraft owners and employees during this period of transition.

In a statement, Jerry Meyer, CEO of ICON Aircraft, emphasized the company’s dedication to its stakeholders: “We plan to continue to produce and sell aircraft and provide first-rate service, training, and support to our customers. We believe this process will enable the business to address its current challenges and emerge with new ownership – stronger than ever – and continue building amazing planes with a focus on innovation, safety, and incredible flying experiences.”

Meyer continued by saying, “The purpose of the Chapter 11 filing is to resolve the Company’s financial challenges and position the A5 for success for years to come. We understand that this situation creates a hardship for everyone involved. However, without taking these steps, there is not a viable path forward for the business to do what we do best – build incredible airplanes and support our aircraft owners.”

ICON Aircraft has assured that it will keep communication channels open with all its stakeholders, including customers, suppliers, and employees, to ensure transparency and provide timely updates on important developments. The company’s goal is to operate as normally as possible during the restructuring to minimize any potential disruptions.

With the expectation to sustain operations during the Chapter 11 process, ICON Aircraft is looking to expedite the sale of its business with the approval of the Bankruptcy Court. The company has secured debtor-in-possession financing to cover post-petition expenses and operational costs.

Additionally, ICON Aircraft has submitted standard motions to the Bankruptcy Court seeking authorization to continue its business operations, which includes meeting commitments to customers and vendors, as well as upholding its responsibilities to all employees.

Add a Comment

Your email address will not be published. Required fields are marked *