Vacaville, California-based ICON Aircraft, manufacturer of the ICON A5 amphibious light sport aircraft, announced Thursday it had filed for Chapter 11 protection under the Bankruptcy Code.
The filing is part of “a strategic restructuring process,” according to a statement.
As part of the announcement, ICON said its management team “remains committed to the company’s mission of revolutionizing personal aviation and continuing to support owners and employees during this transition.”
“We plan to continue to produce and sell aircraft and provide first-rate service, training, and support for our customers,” said ICON CEO Jerry Meyer. “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.”
An ICON spokesman told AVweb there is no information available on who the new ownership might be. The announcement did include contact information on the company handling the sale, for “interested parties” who would like to reach out.
ICON said it will maintain open lines of communication with customers, suppliers, employees, and other stakeholders “to ensure transparency and provide updates on critical developments.” The spokesperson told AVweb the stakeholders include investors, vendors, and board members.
“All have been notified and we will continue to keep them updated,” the spokesman said.
ICON said it wants an expedited sale process with approval from the bankruptcy court. The company has arranged debtor-in-possession financing to fund operations and costs.
“To minimize the adverse effects on its business and the value of its estate,” the statement read, “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.”
Added 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.”
For more on the bankruptcy process, including claims information, ICON provided the following contact information: https://cases.stretto.com/iconaircraft, or call 866-993-1870. International callers: 949-892-1896.
Editor’s Note: This article first appeared on AVweb.
