ICON Aircraft Reports Existence of 'Stalking Horse Bidder' | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-10.28.24

Airborne-NextGen-10.29.24

Airborne-Unlimited-10.30.24

Airborne-Unlimited-10.24.24

Airborne-Unlimited-10.25.24

Sat, May 04, 2024

ICON Aircraft Reports Existence of 'Stalking Horse Bidder'

The Chapter 11 Sale Process Appears To Have An Early Bidder... Maybe

As we understand it, a 'stalking horse bidder' is the initial bid on a bankrupt company's assets from an interested buyer -- chosen by the bankrupt company. And judging by the questionable history of Icon Aircraft, to date, we are interested in what qualified any company to be preferred by Icon... 

Be that as it may, the proposed stalking horse bidder, SG Investment America Inc., has been designated to 'set the floor price for the sale of ICON’s assets.' Icon claims that this step is aimed at maximizing value for the company’s stakeholders and facilitating a smooth transition through the bankruptcy process.

Hmmmm... ok. 

“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.”

Again... hmmm.

ICON Aircraft has disappointed thousands with wild claims of great new aircraft to be offered at fair prices and at rates that would have put thousands of these aircraft into buyer's hands... but that was all for naught. Instead, the company gained a deserved rep for playing fast and loose with facts, deadlines, and their bizarre dealings with some media who attempted to tell the truth. To say that the whole program was a blistering disappointment is an understatement. 

SO... can this program be salvaged... and at what cost? 

Icon intones that the stalking horse bidder’s offer will serve as the 'baseline for competing bids' (if any) during the bankruptcy sale process, which is expected to continue through late May. Interested parties will have the opportunity (again, if any) to submit higher or better bids.

ICON Aircraft claims it will continue to operate in the ordinary course of business during the bankruptcy process.

FMI: https://www.deb.uscourts.gov/

Advertisement

More News

Senator Pushes FAA to Accelerate Rocket Launch Licensing

States That Current Process is Damaging National Aerospace Development US Senator Jerry Morgan is pushing the FAA to speed up the process for rocket launch licensing. He argues tha>[...]

Classic Aero-TV: RJ Gritter - Part of Aviation’s Bright New Future

From 2015 (YouTube Edition): Model Aviator Aims For Full-Scale Career While at the 2015 Indoor Electric RC Festival, referred to as eFest, ANN CEO and Editor-In-Chief, Jim Campbell>[...]

Aero-FAQ: Dave Juwel's Aviation Marketing Stories -- ITBOA BNITBOB

Dave Juwel's Aviation Marketing Stories ITBOA BNITBOB ... what does that mean? It's not gibberish, it's a lengthy acronym for "In The Business Of Aviation ... But Not In The Busine>[...]

ANN's Daily Aero-Linx (10.27.24)

Aero Linx: Cardinal Flyers Online The Cardinal Flyers Online Web site was created and is maintained by me, Keith Peterson. My wife Debbie and I have owned a 1976 RG since 1985. Wit>[...]

ANN's Daily Aero-Term (10.27.24): Clearance Void If Not Off By (Time)

Clearance Void If Not Off By (Time) Used by ATC to advise an aircraft that the departure release is automatically canceled if takeoff is not made prior to a specified time. The exp>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC