secwatch.observer — SEC 8-K summary
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Issuer:     AIR INDUSTRIES GROUP (AIRI)
CIK:        0001009891
Form:       8-K
Filed at:   2023-11-27T23:59:59+00:00
Accession:  0001213900-23-090173
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Air Industries Group enters Sixth Amendment with Webster Bank, waiving Q3 defaults and resetting covenant thresholds
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- Webster Bank waived defaults for failing Fixed Charge Coverage Ratio and exceeding CapEx limit in Q3 ended Sep 30, 2023.
- Fixed Charge Coverage Ratio thresholds reset: 0.95x for Q4 2023, stepping up to 1.25x thereafter.
- Capital Expenditure limit increased to $2.5M per fiscal year.
- Company paid a $20,000 amendment fee for the waiver and modifications.
- Amendment provides temporary covenant relief with gradually increasing FCCR requirements through 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1009891/000121390023090173/0001213900-23-090173-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1009891/000121390023090173/ea189080-8k_airindust.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-090173

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