SG Investments, America, Inc., the U.S. subsidiary of German-based manufacturer Dürkopp Adler (DA), has acquired ICON Aircraft assets — the result of a chapter 11 § 363 sale in ICON’s chapter 11 case filed in the U.S. Bankruptcy Court for the District of Delaware, according to a Procopio press release. 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.
The German economy has lost momentum, inevitably leading to the collapse of many businesses, the Daily Wrap reported. According to Deutsche Welle, in July, the number of bankruptcies declared by German companies reached its highest level in a decade. One sector has been particularly hard hit. According to data from the Halle Institute for Economic Research (IWH), the economic slowdown has contributed to an increase in the number of company bankruptcies in Germany, reaching the highest level in about ten years.
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