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Icon Aircraft has identified SG Investment America as the successful bidder for the ultimate sale of its business, according to legal filings, moving the company one step closer to emerging from a Chapter 11 process that it entered in April.
Related: Tracing Icon Aircraft’s path to bankruptcy
As first reported by The Air Current, SG Investment was chosen as the company’s stalking horse bidder in early May, having set the lowest possible purchase price for other potential buyers during the auction process. Having now been selected as the successful bidder, the choice is indicative of the limited interest Icon encountered, although legal filings show that General Atomics CEO Linden Blue was designated as the Next-Highest Bidder.
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