💥New Chapter 11 Bankruptcy - ICON Aircraft Inc.💥

Light sport aircraft maker files bankruptcy to pursue a sale.

On April 4, 2024, CA-based ICON Aircraft Inc. and three affiliates (collectively, the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Goldblatt) — the culmination of a big start to the month for the district, for Sidley Austin LLP (which has now filed three cases in April already,* for Young Conaway Stargatt & Taylor LLP (which is along for the ride with Sidley on two of them) and for all of you out there trafficking in data that lower-lower-lower-middle-market cases are where it’s at. 😎

In this instance, ICON is a light-sport aircraft manufacturer of the bada$$ looking A5 pictured above. Which, we’re gonna be honest here, looks and sounds kinda fire, 🔥. This “signature aircraft” features amphibious characteristics, is spin-resistant, has foldable wings with sea wing platforms (which eliminates the need for leasing hangar space … so long at you have like, a massive driveway or, uh, a dock?), contains all sorts of GPS and other gadgetry, comes in customizable options., and can be electric blue (among other colors)! Founded in ‘06, ICON sought to be part of the democratization of the aviation industry that started gaining traction after the Federal Aviation Administration established, in ‘04, a “light-sport aircraft” category and the “sport pilot license” class. We’re talking personal recreational aircraft flyable by those seeking the “sheer adventure of flying” with a mere four weeks of training, people!! 😬