Sat, May 04, 2024
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.
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