Fort Lauderdale, Florida, a retailer with eight franchise dealerships and four used car stores, said in February that it exploring strategic options, including a possible sale of the company, in regulatory documentation on Wednesday has announced plans to sell its 2008 Gulfstream G200 aircraft for $ 6.7 million.
The LMP said it had signed an agreement Tuesday to sell the RRGS Holdings aircraft. The deal is expected to be completed in the second quarter.
LMP executives did not immediately respond to requests for comment.
In October, LMP bought the plane for about $ 5.6 million. To pay for the plane, the company signed a five-year note for $ 3.2 million, and monthly payments of $ 32,435 were due to begin in December, guaranteed by LMP CEO Samer Taufik, the company said in a regulatory statement. LMP also received $ 2 million through a line of credit from ST RXR Investments, a related company owned by Tawfik. The maturity date of this credit line was set for November 21, 2021 and payment was required either on that date or on demand, according to regulatory documentation.