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

~~September~~August 228, 2015

Date of report (Date of earliest event reported)

Great Lakes Aviation, Ltd.

(Exact name of registrant as specified in its charter)

Iowa

0-23224

42-1135319

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

1022 Airport Parkway

Cheyenne, WY 82001

(Address of principal executive offices, including zip code)

(307) 432-7000

(Registrant’s telephone number, including area code)

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):

¨	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 52.0204 ~~Departure~~Triggering ofEvents ~~Directors~~That Accelerate or ~~Certain~~Increase ~~Officers;~~a ~~Election~~Direct ofFinancial ~~Directors;~~Obligation ~~Appointment~~or ofan ~~Certain~~Obligation ~~Officers;~~under ~~Compensatory~~an ~~Arrangements~~Off-Balance ofSheet ~~Certain Officers~~Arrangement.

~~(b),~~As ~~(c) and~~previously ~~(e) On~~disclosed ~~September 2,~~in ~~2015,~~a ~~Michael~~Form O.10-Q ~~Matthews~~filed ~~resigned~~on ~~from~~August 14, ~~his~~2015 ~~position~~with asthe ~~Vice~~Securities ~~President~~ and ~~Chief~~Exchange ~~Financial Officer~~Commission ofby Great Lakes Aviation, Ltd. (the “Company”)., Inthe ~~connection~~Company was not in compliance with ~~Mr. Matthews’~~the ~~resignation,~~fixed charge coverage ratio covenant contained in the ~~Company~~Loan ~~entered~~Agreement ~~into~~dated aas ~~separation~~of ~~agreement~~December 22, 2014 between the Company and ~~release~~Callidus Capital Corporation (the “~~Separation Agreement~~Lender”). Because of the Company’s non-compliance with ~~Mr. Matthews~~this ~~dated September~~financial covenant, on August 228, 2015., ~~Pursuant~~the toCompany received notification (the ~~Separation~~“Notice”) ~~Agreement,~~from Mrthe Lender that it was in default under the Loan Agreement. ~~Matthews~~ ~~agreed~~As toa result ~~make~~of ~~himself~~being ~~available~~in todefault, ~~provide~~the ~~certain~~Lender ~~consulting~~has ~~services~~the right to declare the Company’s debt obligations (approximately $27.5 million) to be immediately due and payable, to ~~release~~terminate the ~~Company~~Lender’s ~~from~~obligation to advance any ~~legal~~additional ~~claims,~~borrowings ~~and~~under the original terms of the ~~Company~~Loan ~~agreed~~Agreement, and to ~~pay Mr. Matthews~~take ~~severance~~possession ~~and~~of ~~consultation~~substantially ~~pay~~all of ~~$12~~the Company’s assets. In addition,~~500~~ ~~per~~the ~~month~~event ~~for~~of ~~ten~~default ~~months~~increases ~~and~~the torate ~~provide~~of interest the Company ~~flight~~will ~~benefits~~pay ~~for~~on outstanding obligations from 14% per year to a ~~period~~default rate of ~~ten months~~17%.

OnA ~~September 8,~~copy ~~2015,~~of the ~~Company~~Notice ~~appointed~~is ~~Douglas~~filed G.herewith ~~Voss, the Company’s Chairman and formerly its President,~~ as ~~Chief~~Exhibit ~~Executive Officer~~99.1 ~~Mr. Voss,~~to ~~age~~this ~~61,~~Current ~~co-founded~~Report ~~the~~on ~~Company~~Form ~~in 1979 and served in the position of Chief Executive Officer from the Company’s inception until December 31, 2002~~8-K. ~~Mr. Voss has served as a director of the Company since the Company’s inception.~~

OnItem ~~September 8, 2015, the Company appointed Charles R~~9.01 ~~Howell~~Financial ~~IV,~~Statements ~~formerly~~and ~~the Company’s Chief Executive Officer, as President~~Exhibits. Mr. Howell, age 58 became the Chief Executive Officer of the Company on December 31, 2002. Mr. Howell served as Chief Operating Officer from August 2002 until December 31, 2002. Prior to joining the Company, Mr. Howell has held numerous senior executive positions within the airline industry.

On(d) ~~September 8, 2015, Stan Gadek was appointed Vice President and Chief Financial Officer of the Company~~Exhibits. Mr. Gadek, age 63, has held numerous senior executive positions within the airline industry. In 2013, Mr. Gadek founded, and continues to serve as principal of, TreadStohne Group, LLC, a management consulting and turnaround advisory services business which has provided consulting services to the Company. From 2008-2013 he was the President and Chief Executive Officer of Sun Country Airlines, a Minnesota-based airline.

Each of our executive officers is appointed to serve until his or her successor is duly appointed or his or her earlier removal or resignation from office.


Exhibit No.		Description

99.1		Notice from Callidus Capital Corporation through its legal counsel to Great Lakes Aviation, Ltd. dated August 28, 2015.

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.

Great Lakes Aviation, Ltd.

Date: September 9, 2015

/s/ Stan Gadek

Date: September 18, 2015

/s/ Stan Gadek

Stan Gadek

Chief Financial Officer

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