Tenax rejects Air Industries’ proposed Taglich loan amendment
AIRI•Tenax refused consent to Air Industries Group’s proposed amendment extending subordinated notes’ maturity to May 1, 2027. A separate Webster Loan amendment, still awaiting Tenax’s consent, would extend maturity to April 30, 2027 and carry two $50,000 fees.
1. Consent refused
Tenax refused consent to Air Industries Group’s proposed amendment to its subordinated notes with Michael Taglich and Robert Taglich. The amendment would extend maturity to May 1, 2027.
2. Other loan amendment
If the notes are not repaid by November 30, 2026, the proposal would trigger higher principal amounts and interest rates, as well as lower conversion prices for AIR Convertible Notes. Tenax’s consent to a separate Webster Loan amendment remains pending; it would extend maturity to April 30, 2027, with a $50,000 fee payable on execution and another $50,000 due at maturity.
