Kudos to Procopio client SG Investments, America, Inc. (SG), the U.S. subsidiary of German-based manufacturer Dürkopp Adler (DA), on the acquisition of ICON Aircraft assets. SG’s asset purchase was the result of a Chapter 11 Section 363 sale free and clear process in ICON’s Chapter 11 case filed in the U.S. Bankruptcy Court for the District of Delaware.

Procopio Restructuring and Bankruptcy Partner William Smelko represented DA in the transaction with the assistance of Procopio’s Asia Pacific team. Local Delaware Counsel, Evan Miller of Saul, Ewing also assisted SG in acquiring the assets.  

Through Procopio, SG initially submitted a stalking horse bid for ICON’s assets after ICON filed for Chapter 11 relief earlier this year.  After an auction of several rounds in New York, SG was determined to have made the best offer to purchase the assets. SG paid approximately $15.5 million to acquire valuable assets, including inventory, machinery and highly sought after intellectual property. The Bankruptcy Court approved the sale after arguments were presented to the Court at a contested hearing that concluded in early June in Wilmington.

DA, headquartered in Bielefeld, Germany, is an innovator in manufacturing equipment powered by artificial intelligence, and has for decades been an industry leader in industrial sewing machines. Through SG, DA is expanding its horizontal integration into the aircraft manufacturing and sales sector. ICON, founded in 2006, is the maker of amphibious light sport aircraft. Learn more in this SSG Capital Advisors press release.