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Note 12 - Subsequent Events
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

12. Subsequent Events

 

On October 6, 2023, the Company received the $55.2 million due to it from the sale of Investment Tax Credits.  On October 16, 2023, the Company paid $50.2 million of these funds to Third Eye Capital as payments against existing debt obligations, including $8.6 million repayment for the Revolving Credit facility under the July 2012 Note Purchase Agreement, $11.6 million repayment on the GAFI Credit Agreement, and $30.0 million repayment on the Series A Preferred Unit Purchase Agreement.  In conjunction with the payment, the Company’s available credit on the GAFI loan has been raised to $37.5 million.

 

On  November 8, 2023, ABGL entered into a Fourth Waiver and Amendment to Series A Preferred Unit Purchase Agreement (“PUPA Fourth Amendment") with Third Eye Capital Corporation and Protair-X Americas, Inc. providing for: (i) extending the deadline to redeem Series A Preferred Units from  August 31, 2023 to December 31, 2023 and (ii) setting the price to redeem all outstanding Series A Preferred Units at $102.5 million plus a closing fee of $5,500,000, payable to or at the direction of Protair-X Americas, Inc. The PUPA Fourth Amendment further provides that if ABGL does not redeem the Series A Preferred Units by December 31, 2023, ABGL will enter into a credit agreement with Third Eye Capital Corporation and Protair-X Americas, Inc. effective as of January 1, 2024, in substantially the form attached to the PUPA Fourth Amendment.  The PUPA Fourth Amendment is attached to this Form 10-Q as Exhibit 10.1.  We will evaluate the terms of the PUPA Fourth Amendment in accordance with ASC 470.