ICON Aircraft, the California-based manufacturer of the ICON A5, an amphibious sport plane for personal use, announced on April 4, 2024, that it has filed for Chapter 11 bankruptcy protection.
This procedure is a necessary step in order to restructure and find a buyer for the business, which has reportedly accumulated around $170 million worth of debt.
ICON has explained that it will continue to operate and support its customers during the Chapter 11 process.
Jerry Meyer, CEO of ICON Aircraft, said in a press release: “We plan to continue to produce and sell aircraft and provide first-rate service, training, and support to our customers. 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 ICON A5 is a pioneering two-seater amphibious aircraft launched in 2014. It retails for around $200,000 and it can be easily folded to be towed and transported by road or stored in a garage.
