SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
____________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 17, 1995
International Airline Support Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-18352
(Commission File Number)
59-2223025
(IRS Employer Identification Number)
8095 N.W. 64th Street Miami, Florida 3166
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (305) 593-2658
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Exhibit Index Located on Page: N/A
Total Number of Pages: 3
Item 5. Other Events.
International Airline Support Group, Inc. (the "Company") did
not make its scheduled July 17, 1995 principal payment to the
holders of the Company's 12% Senior Secured Notes due July 17,
1997 (the "Senior Notes"). The aggregate principal payment due
on July 17, 1995 was One Million Seven Hundred Sixty-six
Thousand, Six Hundred Sixty-six Dollars ($1,766,666.00). The
Company has developed a preliminary restructuring proposal
relating to the Senior Notes and the Company's 8% Convertible
Subordinated Debentures due August 31, 2003 (the "Debentures"),
and has commenced meeting with certain institutional holders of
the Senior Notes and the Debentures to discuss the preliminary
restructuring proposal. There can be no assurances that the
restructuring proposal will be acceptable to the holders of the
Senior Notes and the Debentures or that the Company will
otherwise be able to negotiate a restructuring of its
indebtedness on terms that are acceptable to the Company.
The failure to make the July 17, 1995 principal payment to the
holders of the Senior Notes constitutes an Event of Default
under the agreements governing the Senior Notes and the
Debentures. As a result of the defaults under the terms of the
Senior Notes and the Debentures, the holders of such instruments
are entitled to accelerate the debt, which would result in
principal of approximately Twenty Million dollars
($20,000,000.00) becoming immediately due and payable. The
Company would have no ability to repay such indebtedness if it
were to be accelerated. The foregoing circumstances could
require the Company to cease operations or to seek protection
from its creditors through judicial reorganization proceedings.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
Date: July 21, 1995
INTERNATIONAL AIRLINE SUPPORT GROUP, INC.
By: /s/ A.A. Dyer III
Alexius A. Dyer III
President
