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