A Sidley team represented ICON Aircraft, Inc. (ICON), a California-based manufacturer of light-sport aircraft, in its filing for Chapter 11 protection in Delaware on April 4, 2024, citing more than US$170 million in debt and plans to sell off substantially all of its assets.
In its filings, ICON stated that the money it borrowed to develop its Icon A5, a single-engine, two-seat amphibious plane, and deal with various production problems left it in unsustainable debt and unable to find a buyer outside Chapter 11. The company owes US$105.4 million on a series of convertible notes issued between 2020 and 2023 and another US$65 million on five unsecured notes issued between 2020 and March this year. ICON estimates it has another US$3.3 million in unpaid invoices and other general unsecured debt.
The team included Vijay Sekhon (Private Equity); Sam Newman, Charles Persons, Jeri Leigh Miller, Nathan Elner, Amanda Rahie, and Francesca Sadler (Restructuring); Feifei Bian, Yabo Lin, and BinQuan Zhuang (M&A); Banks Bruce, Daniel Burkhart, and Mary Kathryn Field (Global Finance); Joshua Hofheimer and Zach Johnston (Technology and Life Sciences Transactions); Katherine Roberts and Emily Wajert (Labor, Employment and Immigration); and Matthew Dolan (Securities and Shareholder Litigation).
