Gulfstream International Group, Inc. (GIA) announced an agreement with Gulfstream Funding II, LLC to convert $1.5 million of subordinated debt to convertible preferred stock, effective January 15, 2010. The Lender has granted a waiver extending the maturity date until such time as the conversion agreement is completed.
The Lender made a subordinated loan to the company on October 7, 2009. The subordinated promissory note for $1.50 million, as well as interest accrued at 12%, was due to be repaid to the Lender on January 15, 2010. The company utilized the funds obtained from the subordinated loans for additional working capital and other general corporate purposes.
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