ICON Aircraft completes asset sale amid bankruptcy proceedings

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Global Industry News

ICON Aircraft completes asset sale amid bankruptcy proceedings

Policy

AVWeb | AVWeb

By Sky Industry News

Aug 8, 2024

ICON Aircraft has successfully completed its asset sale to SG Investment America, with nearly all assets transferred to the new entity, which will continue to operate as ICON Aircraft.

The manufacturer filed for Chapter 11 bankruptcy earlier this year, declaring $170 million in debt. In June, legal filings showed SG Investment bought Icon for $15.79 million.

In an Aug. 2 press release, outgoing CEO Jerry Meyer said, “It has been an incredible honor to lead ICON Aircraft and work with the brightest and most passionate group of people I’ve ever had the pleasure of knowing. I want to extend my deepest appreciation to every team member for their dedication and hard work. I wish them and the company nothing but success in this exciting new chapter.”

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Jason Huang, the new president, will lead ICON through the transition and noted that he is optimistic about the company's growth and opportunities.

According to ICON, the company is committed to upholding its reputation of producing high-quality aircraft and service to its A5 owners. The manufacturer says service and flight training operations will continue in Tampa, Florida, and Vacaville, California, as well as 60 other service and training partners throughout the U.S.