Great Lakes defaults on loan

CHEYENNE, Wyo. -- The commercial air service provider at McCook Ben Nelson Regional Airport recently defaulted on a $27.5 million loan, according to multiple news reports citing documents filed with the U.S. Securities and Exchange Commission.

Great Lakes Aviation of Cheyenne, Wyoming, could be forced to turn over nearly all of its assets as a result of the default, according to one report by KGWN Newschannel 5 in Cheyenne. The SEC documents are reportedly dated Aug. 28 and also indicate the default means the interest rate on the loan will increase from 14 to 17 percent.

A news report published Saturday by the Wyoming Tribune Eagle indicates Great Lakes officials expect the problem to be resolved soon and the Chief Financial Officer for Great Lakes is quoted as saying, "It's business as usual."

Business as usual with Great Lakes has not been good for the McCook airport, especially in recent months. Commercial passengers boarded fell short of prior year counts by double digits for the past four straight months through August. The decrease follows a 2014 year that saw the number of Great Lakes passengers dip to a monthly low of two passengers.

McCook Ben Nelson Regional Airport boarded a total of 402 commercial passengers in 2014. The mark represented the lowest passengers boarded in at least a decade and a 79 percent decrease from the 1978 passengers boarded in 2013.