ICON Aircraft Initiates Restructuring Process and Files for Chapter 11 Protection

 ICON Aircraft, manufacturer of the revolutionary ICON A5 amphibious sport plane, today announced that it has commenced a strategic restructuring process by filing for Chapter 11 protection. The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code while continuing to support its customers and operations during the Chapter 11 process. 

The ICON Aircraft management team remains committed to the Company’s mission of revolutionizing personal aviation and continuing to support owners and employees during this transition. 

The company intends to keep operations running as smoothly as possible throughout the restructuring process to minimize disruption. 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.” 

Throughout the restructuring process, ICON Aircraft will maintain open lines of communication with its customers, suppliers, employees, and other stakeholders to ensure transparency and provide updates on critical developments. 

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.” 

The Company expects to continue operations during the Chapter 11 process and seeks to complete an expedited sale process with Bankruptcy Court approval. ICON Aircraft has arranged for debtor in possession financing to fund post-petition operations and costs in the ordinary course. To minimize the adverse effects on its business and the value of its estate, the company has filed customary motions with the Bankruptcy Court to get court approval to sustain its operations in the ordinary course, including honoring commitments to customers and vendors and fulfilling obligations to all employees. 

For more information about the Company’s Chapter 11 case, including claims information, please visit https://cases.stretto.com/iconaircraft or call the toll-free hotline at (866) 993-1870. International callers should use (949) 892-1896. Inquiries can also be sent directly to [email protected]

ICON Aircraft is represented by Sidley Austin LLP as its legal counsel, Armanino LLP as its financial advisor and SSG Capital Advisors, LLC as its restructuring investment banker. For more information about the sale process, interested parties should contact Neil Gupta of SSG Capital Advisors at [email protected].

Forward Looking Statements 

Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "can," “will,” “intends,” “could,” “expects,” “anticipates,” “seeks,” “allow,” “aim” and similar expressions are intended to identify forward-looking statements. These forward-looking statements, including but not limited to, statements regarding a sale of the Company’s business, continuing operations during the Chapter 11 process, completing an expedited sale process with Bankruptcy Court approval, funding post-petition operations and costs in the ordinary course, sustaining operations in the ordinary course, the Company’s ability to continue developing light sport aircraft, the timing of when Chapter 11 motions will be heard, the accuracy, reliability and quality of the Company’s product; and future work on new products, are based upon the Company’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Any forward-looking statements that the Company makes in this announcement speak only as of the date of this press release, and the Company assumes no obligation to update forward looking statements whether as a result of new information, future events or otherwise after the date of this press release, except as required under applicable law.

ABOUT ICON AIRCRAFT: 

ICON Aircraft creates consumer-friendly, safe, technologically advanced aircraft that make the adventure of flying more accessible. ICON’s first aircraft is the A5, an amphibious sport plane that fuses outstanding aeronautical engineering with world-class product design and unprecedented safety features. The A5 is the world’s first production aircraft that is spin-resistant, making it one of the safest small aircraft ever created. The A5 has won some of the world’s most prestigious design awards and has inspired a global following. To learn more about the ICON A5 and joining our community, visit us at www.ICONAircraft.com or connect with our team at [email protected].

PRESS CONTACT: 

Brian Manning                                                  
ICON Aircraft                                                     
913.424.9709                                                    
[email protected]

Source: ICON Aircraft

Share:


Tags: aerospace, composite technology, manufacturing


About ICON Aircraft

View Website

ICON Aircraft creates consumer-friendly, safe, technologically advanced aircraft that make the adventure of flying more accessible.

ICON Aircraft
2141 ICON Aircraft
Vacaville, CA 95688
United States