Officials with ICON Aircraft report they have completed the sale of the bankrupt company’s assets to SG Investment America.
The new company will continue to operate under the name ICON Aircraft.
In May 2024, ICON designated SG Investment America as a “stalking horse bidder” as part of its Chapter 11 bankruptcy petition.
According to Investopedia, a stalking horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company chooses one bidder from a pool of bidders to make the first bid on the firm’s remaining assets. What this does is set the low-end bar on the bidding process, which means other bidders can’t go below that initial bid.
With the sale complete, CEO Jerry Meyer will leave the company and Jason Huang, who joined the company in 2020 as president, will lead it through this transition period.
For more information: ICONAircraft.com