The proposed stalking horse bidder, SG Investment America Inc., has been designated to set the floor price for the sale of ICON's assets. This step is aimed at maximising value for the company's stakeholders and facilitating a smooth transition through the bankruptcy process.

“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.”

ICON Aircraft has gained widespread recognition for its innovative design and engineering in the light sport aircraft industry. Despite facing financial headwinds, the company remains dedicated to delivering safe and innovative aircraft to its customers. ICON continues to build, sell, service, and fly aircraft during this process and is also working closely with the FAA to achieve Production Certification of its Type Certified ICON A5, allowing it to expand sales to regions outside the U.S. that do not recognise the Light Sport Aircraft category.

“We are grateful for the continued support of our owners, partners, and the aviation community as we navigate this challenging period,” added Meyer. “With the assistance of our stalking horse bidder and the expertise of our professional team of attorneys and advisors, we are confident in our ability to deliver a stronger and more resilient company to a successful purchaser following the court-supervised sale process.”

The stalking horse bidder's offer will serve as the baseline for competing bids during the bankruptcy sale process, which is expected to continue through late May. Interested parties will have the opportunity to submit higher or better bids, with the goal of maximising value for ICON Aircraft and its stakeholders.

ICON Aircraft will continue to operate in the ordinary course of business during the bankruptcy process, ensuring minimal disruption to its operations and customer service.