ICON Aircraft files for bankruptcy — General Aviation News
ICON Aircraft, manufacturer of the ICON A5 amphibious sport plane, has filed for Chapter 11 bankruptcy.
Company officials say they are looking to sell the business under Section 363 of the Bankruptcy Code, “while continuing to support its customers and operations during the Chapter 11 process.”
“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,” said CEO Jerry Meyer. “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, company officials added.
ICON Aircraft has arranged for debtor in possession financing to fund operations during the bankruptcy proceedings, including “honoring commitments to customers and vendors and fulfilling obligations to all employees,” officials noted.
For more information about the company’s Chapter 11 case, including claims information, go to Cases.Stretto.com/IconAircraft or call 866-993-1870.
