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Atlantic Express pays $209,000 to noteholders for failing to register
New York, May 13 - Atlantic Express Transportation Corp. said it paid $209,000 to holders of its $105 million of 12% senior secured notes due 2008 and $10 million of senior secured floating-rate notes due 2008 for failing to register the debt with the Securities and Exchange Commission on time.
The payment was made on April 15, according to an 8-K filing with the SEC.
The Staten Island, N.Y.-based school bus operator was required to register the notes with the SEC by Oct. 19.
Because it failed to meet the deadline, it was required to pay $5,530 per week for 90 days, $11,060 per week for the next 90 days, $16,590 per week for the 90 days after that and then $22,120 per week until the registration is effective.
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