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ICON Aircraft files for Chapter 11 protection

ICON Aircraft, manufacturer of the ICON A5 amphibious sport plane, on April 4 announced that it has started a restructuring process by filing for Chapter 11 protection. The company stated it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code.

ICON Aircraft in its statement about the filing said intends to support its customers and operations during the Chapter 11 process.

“We plan to continue to produce and sell aircraft and provide first-rate service, training, and support to our customers,” said Jerry Meyer, CEO, ICON Aircraft. “We believe this process will enable the business to address its current challenges and emerge with new ownership – stronger than ever – and continue building amazing planes with a focus on innovation, safety, and incredible flying experiences.

“The purpose of the Chapter 11 filing is to resolve the Company’s financial challenges and position the A5 for success for years to come,” continued Meyer in the company’s statement. “We understand that this situation creates a hardship for everyone involved. However, without taking these steps, there is not a viable path forward for the business to do what we do best – build incredible airplanes and support our aircraft owners.”