secwatch.observer — SEC 8-K summary
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Issuer:     CPI AEROSTRUCTURES INC (CVU)
CIK:        0000889348
Form:       8-K
Filed at:   2022-08-19T23:59:59+00:00
Accession:  0001387131-22-008924
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CPI Aerostructures amends credit agreement, obtains covenant waivers for losses on welded products and employee costs
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- Maximum leverage ratio for Q3 2022 raised to 5.0:1.0; Q4 2022 onward set at 4.0:1.0.
- Lenders waived covenant non-compliance for up to $566,024 in welded product contract losses and $367,045 in inventory reserves.
- Lenders waived non-compliance for up to $795,997 in accrued severance, COBRA costs and employer taxes.
- Late delivery of FY2021, Q1 2022 and Q2 2022 financial statements waived; extended deadlines through August–October 2022.
- Outstanding debt: $21.0M revolving loans, $2.63M term loan plus $250K amendment fee accruing interest.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889348/000138713122008924/0001387131-22-008924-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889348/000138713122008924/cvua-8k_081922.htm
  HTML page:      https://secwatch.observer/filing/0001387131-22-008924

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