<HTML>
<BODY>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: windowtext 4.5pt double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>United States</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">Securities and Exchange Commission</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">Washington, D.C. 20549</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM 8-K</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current Report Pursuant to</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 13 or 15(d) of the Securities
    Exchange Act of 1934</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>January 30, 2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Date of Report (Date of earliest event reported)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">SAKER AVIATION SERVICES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="width: 34%; font-size: 10pt; font-weight: bold; text-align: center">000-52593</TD>
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center">87-0617649</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(State of incorporation)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>101 Hangar Road, Avoca,
    Pennsylvania</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>18641</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; font-weight: bold; text-align: center">(570) 457-3400</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Registrant&rsquo;s telephone number, including area code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: center">(Former name or former address, if changed since last report)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 4.5pt double; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;1.01. &#9;Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 31, 2012, Saker
Aviation Services, Inc. (the &ldquo;Company&rdquo;) entered into a amended and restated Loan Agreement (the &ldquo;Amended and
Restated Loan Agreement&rdquo;) with Bank of America, N.A. (the &ldquo;Bank&rdquo;). The Amended and Restated Loan Agreement, which
is effective as of January 30, 2012, increases the Company&rsquo;s revolving credit facility to $1,150,000 and continues the Company&rsquo;s
$318,198 term loan facility with the Bank. The revolving credit facility portion of the Amended and Restated Loan Agreement is
renewable on June 30, 2012 and periodically thereafter with the Bank&rsquo;s consent. The term loan portion of the Amended and
Restated Loan Agreement&rsquo;s matures on July 20, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s prior
Loan Agreement with the Bank dated July 20, 2011 (the &ldquo;Prior Loan Agreement&rdquo;) was Amended and Restated in its entirety
upon the execution of the Amended and Restated Loan Agreement. The Company entered into the Amended and Restated Loan Agreement
in order to increase its revolving borrowing availability. The Company intends to use such enhanced availability for working capital
and general corporate purposes. Under the Prior Loan Agreement, availability under the revolving credit facility was limited to
$650,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Amounts outstanding under
the revolving credit facility portion of the Amended and Restated Loan Agreement bear interest at a rate equal to the BBA LIBOR
rate (as defined in the Amended and Restated Loan Agreement) plus a 2.5% margin (3.26% as of January 31, 2012). Amounts outstanding
under the term loan portion of the Amended and Restated Loan Agreement bear interest at a rate equal to 4.2% per year and are repayable
in monthly installments of $7,223 each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the Amended and Restated
Loan Agreement, the Company has covenanted to maintain on an annual basis a Debt Service Coverage Ratio of at least 1.25 to 1.00.
&quot;Debt Service Coverage Ratio&quot; is defined under the Amended and Restated Loan Agreement to mean the ratio of Cash Flow
to the sum of the current portion of long-term debt and the current portion of capitalized lease obligations, plus interest expense
on all obligations. &quot;Cash Flow&quot; &quot; is defined under the Amended and Restated Loan Agreement as (a) net income, after
income tax, (b) less income or plus loss from discontinued operations and extraordinary items, (c) plus depreciation, depletion,
amortization, and non-cash deferred taxes (d) plus interest expense on all obligations, and (e) minus dividends, withdrawals, and
other distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has also covenanted
under the Amended and Restated Loan Agreement to maintain on a quarterly basis a ratio of Funded Debt to EBITDA not to exceed 4:00
to 1:00 from December 31, 2011 through September 30, 2012 and a ratio of 3:00 to 1:00 thereafter. &ldquo;Funded Debt&rdquo; &quot;
is defined under the Amended and Restated Loan Agreement to mean all outstanding liabilities for borrowed money and other interest-bearing
liabilities, including current and long-term debt. &ldquo;EBITDA&quot; is defined under the Amended and Restated Loan Agreement
to mean net income, less income or plus loss from discontinued operations and extraordinary items, plus income taxes, plus interest
expense, plus depreciation, depletion and amortization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The security interest in
all the Company&rsquo;s (including all of its subsidiaries&rsquo;) property pursuant to Security Agreements executed in connection
with the Prior Loan Agreement shall continue to apply to the Amended and Restated Loan Agreement. Such Security Agreements provide
that all of the Company&rsquo;s assets secure the Amended and Restated Loan Agreement and require the Company and its subsidiaries
to sign confessions of judgment in the event that the amounts outstanding under the Amended and Restated Loan Agreement are not
repaid when due. Payments under the Amended and Restated Loan Agreement are due monthly and the Loan Agreement and the Security
Agreements contain such other terms, conditions representations and warranties customary to similar agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A copy of the Amended and
Restated Loan Agreement and forms of Security Agreements will be attached as exhibits to the Company&rsquo;s Annual Report on Form&nbsp;10-K
for the year ended December 31, 2011. The above summaries of the terms of the Amended and Restated Loan Agreement and Security
Agreements are qualified in their entirety by reference to the actual texts of such agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 66pt; text-align: left"><B>Item 1.02.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Termination of a Material Definitive Agreement.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The disclosure contained
in Item&nbsp;1.01 of this Current Report on Form&nbsp;8-K is incorporated into this Item&nbsp;1.02 by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.03</B></TD><TD><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&#9;The disclosure contained in Item&nbsp;1.01
of this Current Report on Form&nbsp;8-K is incorporated into this Item&nbsp;2.03 by reference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp; February 6, 2011</FONT></TD>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; font-size: 10pt; font-weight: bold">SAKER AVIATION SERVICES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt">&nbsp; /s/ Ronald J. Ricciardi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Ronald J. Ricciardi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "v301381_8k.htm", "secsgml_size_bytes": 19903}]
{"company-data": {"conformed-name": "Saker Aviation Services, Inc.", "cik": "0001128281", "assigned-sic": "4581", "irs-number": "870617649", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-52593", "film-number": "12573312"}, "business-address": {"street1": "101 HANGAR ROAD", "street2": "WILKES-BARRE/SCRANTON INTERN'T'L AIRPORT", "city": "AVOCA", "state": "PA", "zip": "18641", "phone": "570.414.1400"}, "mail-address": {"street1": "101 HANGAR ROAD", "street2": "WILKES-BARRE/SCRANTON INTERN'T'L AIRPORT", "city": "AVOCA", "state": "PA", "zip": "18641"}, "former-company": [{"former-conformed-name": "FirstFlight, Inc.", "date-changed": "20070104"}, {"former-conformed-name": "FBO AIR, INC.", "date-changed": "20040929"}, {"former-conformed-name": "SHADOWS BEND DEVELOPMENT INC", "date-changed": "20010220"}]}
United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to
Section 13 or 15(d) of the Securities
    Exchange Act of 1934
January 30, 2012
Date of Report (Date of earliest event reported)
SAKER AVIATION SERVICES, INC.
(Exact name of registrant as specified in its charter)
Nevada
000-52593
87-0617649
(State of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
101 Hangar Road, Avoca,
    Pennsylvania
18641
(Address of principal executive offices)
(Zip Code)
(570) 457-3400
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. 	Entry into a Material Definitive Agreement.
On January 31, 2012, Saker
Aviation Services, Inc. (the "Company") entered into a amended and restated Loan Agreement (the "Amended and
Restated Loan Agreement") with Bank of America, N.A. (the "Bank"). The Amended and Restated Loan Agreement, which
is effective as of January 30, 2012, increases the Company's revolving credit facility to $1,150,000 and continues the Company's
$318,198 term loan facility with the Bank. The revolving credit facility portion of the Amended and Restated Loan Agreement is
renewable on June 30, 2012 and periodically thereafter with the Bank's consent. The term loan portion of the Amended and
Restated Loan Agreement's matures on July 20, 2015.
The Company's prior
Loan Agreement with the Bank dated July 20, 2011 (the "Prior Loan Agreement") was Amended and Restated in its entirety
upon the execution of the Amended and Restated Loan Agreement. The Company entered into the Amended and Restated Loan Agreement
in order to increase its revolving borrowing availability. The Company intends to use such enhanced availability for working capital
and general corporate purposes. Under the Prior Loan Agreement, availability under the revolving credit facility was limited to
$650,000.
Amounts outstanding under
the revolving credit facility portion of the Amended and Restated Loan Agreement bear interest at a rate equal to the BBA LIBOR
rate (as defined in the Amended and Restated Loan Agreement) plus a 2.5% margin (3.26% as of January 31, 2012). Amounts outstanding
under the term loan portion of the Amended and Restated Loan Agreement bear interest at a rate equal to 4.2% per year and are repayable
in monthly installments of $7,223 each.
Under the Amended and Restated
Loan Agreement, the Company has covenanted to maintain on an annual basis a Debt Service Coverage Ratio of at least 1.25 to 1.00.
"Debt Service Coverage Ratio" is defined under the Amended and Restated Loan Agreement to mean the ratio of Cash Flow
to the sum of the current portion of long-term debt and the current portion of capitalized lease obligations, plus interest expense
on all obligations. "Cash Flow" " is defined under the Amended and Restated Loan Agreement as (a) net income, after
income tax, (b) less income or plus loss from discontinued operations and extraordinary items, (c) plus depreciation, depletion,
amortization, and non-cash deferred taxes (d) plus interest expense on all obligations, and (e) minus dividends, withdrawals, and
other distributions.
The Company has also covenanted
under the Amended and Restated Loan Agreement to maintain on a quarterly basis a ratio of Funded Debt to EBITDA not to exceed 4:00
to 1:00 from December 31, 2011 through September 30, 2012 and a ratio of 3:00 to 1:00 thereafter. "Funded Debt" "
is defined under the Amended and Restated Loan Agreement to mean all outstanding liabilities for borrowed money and other interest-bearing
liabilities, including current and long-term debt. "EBITDA" is defined under the Amended and Restated Loan Agreement
to mean net income, less income or plus loss from discontinued operations and extraordinary items, plus income taxes, plus interest
expense, plus depreciation, depletion and amortization.
The security interest in
all the Company's (including all of its subsidiaries') property pursuant to Security Agreements executed in connection
with the Prior Loan Agreement shall continue to apply to the Amended and Restated Loan Agreement. Such Security Agreements provide
that all of the Company's assets secure the Amended and Restated Loan Agreement and require the Company and its subsidiaries
to sign confessions of judgment in the event that the amounts outstanding under the Amended and Restated Loan Agreement are not
repaid when due. Payments under the Amended and Restated Loan Agreement are due monthly and the Loan Agreement and the Security
Agreements contain such other terms, conditions representations and warranties customary to similar agreements.
A copy of the Amended and
Restated Loan Agreement and forms of Security Agreements will be attached as exhibits to the Company's Annual Report on Form 10-K
for the year ended December 31, 2011. The above summaries of the terms of the Amended and Restated Loan Agreement and Security
Agreements are qualified in their entirety by reference to the actual texts of such agreements.
Item 1.02.
Termination of a Material Definitive Agreement.
The disclosure contained
in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 1.02 by reference.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The disclosure contained in Item 1.01
of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date:  February 6, 2011
SAKER AVIATION SERVICES, INC.
By:
/s/ Ronald J. Ricciardi
Ronald J. Ricciardi
President and Chief Executive Officer