Court Awards Icon to 'American/German/Chinese' 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-07.07.25

Airborne-NextGen-07.08.25

AirborneUnlimited-07.09.25

Airborne-FlightTraining-07.10.25

AirborneUnlimited-07.11.25

Wed, Jun 19, 2024

Court Awards Icon to 'American/German/Chinese' Bidder

Will Chinese Ownership Destroy Another (Formerly) American Aviation Concern? 

The long-awaited hearing before a Delaware Bankruptcy Judge has taken place and Icon Aircraft, carrying over $170 million dollars in debt, was pretty much sold off for less than ten cents on the dollar, to 'SG Investment America' for $15.54M. 

The second place bidder was none other than aviation entrepreneur, Linden Blue, who offered approximately a quarter million dollars less. Blue is a highly experienced aviation business person, with a resume that included time in the sport aviation kit industry... and would undoubtedly have been an interesting and possibly more suitable buyer, as far as the future of the SportPlane program is concerned.

SG Investment America is a recent subsidiary of Germany's Durkopp Adler GmbH, but is owned by ShangGong Group based in Shanghai, China... and from there the legalities get interesting... but regardless, as forewarned by other investors in the company, Icon is now a Chinese owned enterprise, which they feared would result in the company being relocated there and the IP stripped from the original enterprise for unknown repurposing.

We shall see... 

The 200+ page court doc is as convoluted as those that preceded it, but it was interesting to note that the company's paranoia over its business practices was evidenced by disclosures of its holding what appeared to be dozens of non-disclosure documents from those it did business with. 

While the fat lady hasn't finished singing yet, the process appears to be pretty much over... leaving the future of the program in the hands of Yongwu Chen, CEO of SG Investment America...

We will keep you apprised... 

FMI: www.iconaircraft.comhttps://www.deb.uscourts.gov/

Advertisement

More News

ANN's Daily Aero-Term (07.12.25): Secondary Radar/Radar Beacon (ATCRBS)

Secondary Radar/Radar Beacon (ATCRBS) A radar system in which the object to be detected is fitted with cooperative equipment in the form of a radio receiver/transmitter (transponde>[...]

ANN's Daily Aero-Linx (07.12.25)

Aero Linx: Australian Society of Air Safety Investigators (ASASI) The Australian Society of Air Safety Investigators (ASASI) was formed in 1978 after an inaugural meeting held in M>[...]

ANN FAQ: Turn On Post Notifications

Make Sure You NEVER Miss A New Story From Aero-News Network Do you ever feel like you never see posts from a certain person or page on Facebook or Instagram? Here’s how you c>[...]

Classic Aero-TV: Of the Aeropup and its Pedigree

From 2023 (YouTube Edition): Barking up the Right Tree Australian-born, the Aeropup is a remarkably robust, fully-customizable, go-anywhere, two-seat, STOL/LSA aircraft. The machin>[...]

Airborne 07.07.25: Sully v Bedford, RAF Vandalism, Discovery Moving?

Also: New Amelia Search, B737 Flap Falls Off, SUN ‘n FUN Unveiling, F-16 Record Captain Sully Sullenberger, the pilot who saved 155 people by safely landing an A320 in the Hu>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2025 Web Development & Design by Pauli Systems, LC