Wed, Jun 19, 2024
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...
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