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ICON Aircraft, manufacturer of the revolutionary ICON A5 amphibious sport plane, today announced that it has commenced a strategic restructuring process by filing for Chapter 11 protection. The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, while continuing to support its customers and operations during the Chapter 11 process.

The ICON Aircraft management team remains committed to the Company’s mission of revolutionizing personal aviation and continuing to support owners and employees during this transition.

The company intends to keep operations running as smoothly as possible throughout the restructuring process to minimize disruption. In a statement, Jerry Meyer, CEO of ICON Aircraft, emphasized the company’s dedication to its stakeholders: “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.”

Throughout the restructuring process, ICON Aircraft will maintain open lines of communication with its customers, suppliers, employees, and other stakeholders to ensure transparency and provide updates on critical developments. Meyer continued by saying, “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. 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.”

The Company expects to continue operations during the Chapter 11 process and seeks to complete an expedited sale process with Bankruptcy Court approval. ICON Aircraft has arranged for debtor in possession financing to fund post-petition operations and costs in the ordinary course. To minimize the adverse effects on its business and the value of its estate, the company has filed customary motions with the Bankruptcy Court to get court approval to sustain its operations in the ordinary course, including honoring commitments to customers and vendors and fulfilling obligations to all employees.

For more information about the Company’s Chapter 11 case, including claims information, please visit https://cases.stretto.com/iconaircraft or call the toll-free hotline at (866) 993-1870. International callers should use (949) 892-1896. Inquiries can also be sent directly to TeamIconAircraft@stretto.com

ICON Aircraft is represented by Sidley Austin LLP as its legal counsel, Armanino LLP as its financial advisor and SSG Capital Advisors, LLC as its restructuring investment banker.

For more information about the sale process, interested parties should contact Neil Gupta of SSG Capital Advisors at ngupta@ssgca.com.

Forward Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “can,” “will,” “intends,” “could,” “expects,” “anticipates,” “seeks,” “allow,” “aim” and similar expressions are intended to identify forward-looking statements. These forward-looking statements, including but not limited to, statements regarding a sale of the Company’s business, continuing operations during the Chapter 11 process, completing an expedited sale process with Bankruptcy Court approval, funding post-petition operations and costs in the ordinary course, sustaining operations in the ordinary course, the Company’s ability to continue developing light sport aircraft, the timing of when Chapter 11 motions will be heard, the accuracy, reliability and quality of the Company’s product; and future work on new products, are based upon the Company’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. These risks and uncertainties are described more fully in the “Risk Factors” section and elsewhere in the Company’s filings with the Securities and Exchange Commission and available at www.sec.gov. Any forward-looking statements that the Company makes in this announcement speak only as of the date of this press release, and the Company assumes no obligation to update forward looking statements whether as a result of new information, future events or otherwise after the date of this press release, except as required under applicable law.

ABOUT ICON AIRCRAFT: ICON Aircraft creates consumer-friendly, safe, technologically advanced aircraft that make the adventure of flying more accessible. ICON’s first aircraft is the A5, an amphibious sport plane that fuses outstanding aeronautical engineering with world-class product design and unprecedented safety features. The A5 is the world’s first production aircraft that is spin-resistant, making it one of the safest small aircraft ever created. The A5 has won some of the world’s most prestigious design awards and has inspired a global following.

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Vacaville, Calif., February 27, 2024 – ICON Aircraft, a leading general aviation innovator and manufacturer, today announced enhancements to the 2024 ICON A5 Light Sport Aircraft, which continues to set new standards for performance, safety, and versatility in the LSA market.

After nearly two years of rigorous R&D, testing, and production preparation, ICON Aircraft is excited to announce that it has increased the gross weight of the ICON A5 by 60 pounds, resulting in new useful load of 490 pounds. With the A5 burning less than 5 gallons of fuel per hour, this equates to an additional two hours of endurance or the ability to carry more baggage or heavier passengers. All 2024 ICON A5 Light Sport Aircraft will include this weight increase and the solution can also be retrofitted on previous models as part of an option package that includes a 4-Blade Lightweight Propeller from E-PROPS that delivers increased performance and additional weight savings.

“In response to feedback from our owners and prospective customers, we elected to undertake further research and development to test the airframe and fully understand what we needed to do to increase the useful load,” said Jerry Meyer, ICON CEO. “The solution is a reinforcement of our commitment to innovation, and a 60-pound increase is significant, especially in the LSA category.”

In conjunction with the gross weight increase, the 4-blade propeller that ICON announced in 2023 is now standard on all new A5 LSAs. Already gaining traction in the market from current owners looking to upgrade, the new propeller provides a 21 percent reduction in ground takeoff roll at sea level.

“The 4-blade propeller is a huge upgrade to my ICON A5,” said Santiago Masdeau, an ICON A5 Owner based in South Florida. “I’ve flown more than 100 hours with the original 3-blade and now I have around 20 hours on the new carbon fiber 4-blade one. Immediately, I noticed less vibration and noise, better acceleration, and improved takeoff distances. I’ve also experienced an increase on my cruise speed at 5,000 rpm and lower fuel burn. The entire experience is better, and it looks amazing too!”

The 2024 ICON A5 Limited Edition starts at $409,000, with the Garmin G3X Touch^TM available as an upgrade. Additional options include autopilot, a Digital Attitude Indicator, a variety of Signature livery color options, and Sirius XM Weather.

ICON’s announcement of these improvements to the 2024 ICON A5 LSA comes on the heels of the Federal Aviation Administration (FAA) granting Type Certification for the ICON A5 in the primary category, which is a testament to the dedication and hard work of the entire ICON team. Type Certification allows ICON to expand its market potential around the world, ushering in a new phase of growth and market presence. The Type Certified version of the 2024 ICON A5 starts at $434,000.

Looking ahead, ICON Aircraft continues to lean into its advanced composite manufacturing capabilities. In addition to building the A5, the company remains open to collaboration and contract manufacturing opportunities, fostering growth and innovation both in and out of the aviation industry.

To learn more about joining the community and the ICON A5, request a demo flight here or connect with us at fly@iconaircraft.com. 

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In the above video, ICON Aircraft’s Flight Training Network Manager, Andy Jackson, offers a few glimpses into the process of becoming an ICON Authorized Flight Instructor. From teaching the fundamentals of the ICON A5’s safety features and the Angle of Attack Gauge to the requirements needed to become an instructor, this video is meant to be a resource for aspiring and current pilots interested in A5 Flight Training.

In addition to previewing ICON’s overall training philosophy, the video offers a look at how we standardize our IAFI currency training and the origins of our standard operating procedures. Our team is often asked about the difference between company flight instructors and ICON Authorized Flight Instructors (IAFI). Hopefully customers take away, whether they are training with an ICON Company Pilot or one of our ICON Authorized Flight Instructors, they can expect the highest level of instruction specifically focused on the mission of the A5.

How to Become an ICON Authorized Flight Instructor

IAFI have the privilege of introducing pilots and non-pilots of all skill levels and backgrounds to the experience of the ICON A5. Its intuitive design and unique safety features set it apart from other platforms, to say nothing of the A5’s ability to land on both water and land runways. This makes the A5 incredibly seamless to fly for pilots of all skill levels, but does require some nuance for instructors to understand when they are accustomed to flying conventional fixed wing aircraft.

An Introduction to the ICON A5

The ICON A5 amphibious seaplane is more than a mode of transportation; it’s a shift in the way we view personal aviation. With its emphasis on safety and ease of operation, the A5 redefines how and where an aircraft can take you. Given this, instructors are encouraged to place particular focus on the A5’s spin-resistant airframe, intuitive Angle of Attack gauge, and amphibious characteristics that allow the aircraft to maneuver in both land and water maneuvers.

As ICON’s Owner Community continues to grow, the demand for qualified instructors who can familiarize pilots with the A5 is paramount to expanding adventure flying to the masses. With an influx of new pilots eager to explore the skies, IAFI’s are at the forefront, shaping not just the flying journey of new sport or seaplane pilots but the future of personal aviation itself.

Requirements to Become an ICON Authorized Flight Instructor

Before an IAFI can start instructing aspiring and current A5 Owners in their aircraft, they must meet a set of prerequisites, largely defined by insurance company minimums.

• 80 Seaplane Hours
• 500 Total Hours (TT)
• CFI, Commercial ASES and ASEL
• 100 Hours of Dual Instruction Given

Once qualified, they must meet the following currency requirements before teaching:

• In the past 90 days, IAFI must have performed at least 1 A5 currency flights, to include 3 takeoff and 3 landings on both the land and water

Embracing the Curriculum

The training curriculum for an ICON Authorized Flight Instructor takes roughly four days to cover and features both ground and in-flight instruction. Assuming every potential IAFI will have a considerable amount of flying and teaching experience, the bulk of the course is spent delving into ICON’s philosophy on low-level flying, the Angle of Attack Gauge, and water operations. Additionally, a considerable amount of time is spent highlighting some tendencies our company pilots see when teaching new A5 Owners.

For those interested in becoming an ICON Authorized Flight Instructor or finding an instructor in their area, sign up for ICON Flight Training or a Demo Flight via the button below.

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