Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As previously reported, on April 28, 2017, the Company entered into a 10% Senior Secured Convertible Note due April 28, 2018, in the principal amount of $6,200,000 (the “Convertible Note”) with Santiago Business Co. International Ltd. (the “Note Holder”).
The Company and the Note Holder have agreed to extend the maturity of the Convertible Note to April 28, 2019, and to add the following collateral arrangements:
They never filed anything on the subject again, so anyones guess on what happened in April 2019 with the note can be said.
the Company has agreed to grant the Note Holder a security interest in the six L-1011 aircraft recently acquired by the Company (the “L-1011s”), and in the Company’s membership interest in Tristar Air, LLC, the Company’s wholly owned subsidiary which is the direct owner of the L-1011s;
the Company has agreed to grant the Note Holder the sole option to purchase the Company’s Gulfstream Corporation G-IV Aircraft for an amount of $2,000,000 in the event of default; and
the Company has agreed to grant the Note Holder the sole option to purchase the L-1011s as a group for $2,000,000 in the event of default.
All other terms of the Convertible Note remain unchanged,
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