Gulfstream International Group Inc (GIA)

Gulfstream International Group Inc. (AMEX: GIA) said it had been held in default by its principal aircraft lessor, Raytheon Aircraft Credit Corp. (RACC), but later met a Feb. 19 deadline, averting other potential defaults, according to an 8-K filing with the U.S. Securities and Exchange Commission, reported by CitybizlistBoston. Gulfstream said it is reviewing nonbinding offers of short-term debt financing to meet near-term liquidity requirements. It also has hired an investment bank to raise fresh capital from sale of equity.
The Fort Lauderdale-based airline leases 21 Beech 1900D aircraft from Wichita, Kansas based RACC, a subsidiary of Raytheon Corp. (NYSE: RTN), headquartered in Waltham, Mass. The default on two agreements, signed in 2003 and 2006, occurred when it missed scheduled February payments.

Feb 25 · 3:58:00 PM · Source: CitybizlistBoston
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by Steve Wieczorek