Avantair pays off $1.31 million in debt by issuing common-share units

Company issues units of one share and one warrant at $0.25 per unit

By Devika Patel

Knoxville, Tenn., Dec. 27 - Avantair, Inc. will repay $1.31 million of debt in the form of units to Special Situations Fund III QP, LP, Special Situations Cayman Fund, LP, Special Situations Private Equity Fund, LP and David Greenhouse, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The units will consist of one common share and a $0.50 warrant. Each unit will be valued at $0.25 apiece.

Avantair is a fractional aircraft operator based in Clearwater, Fla.

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