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

~~August~~January 28, ~~2015~~2016

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 25.0402 ~~Triggering~~Departure ~~Events~~of ~~That~~Directors ~~Accelerate~~ or ~~Increase~~Certain aOfficers; ~~Direct~~Election ~~Financial~~of ~~Obligation~~Directors; orAppointment anof ~~Obligation~~Certain ~~under~~Officers; anCompensatory ~~Off-Balance~~Arrangements ~~Sheet~~of ~~Arrangement~~Certain Officers.

As(b) ~~previously~~On ~~disclosed~~January 28, in2016, aStan ~~Form~~Gadek ~~10-Q~~resigned ~~filed~~from onhis ~~August 14,~~position ~~2015~~as ~~with~~Vice ~~the~~President ~~Securities~~ and ~~Exchange~~Chief ~~Commission~~Financial byOfficer of Great Lakes Aviation, Ltd. (the “Company”),. ~~the~~He ~~Company~~will ~~was~~continue ~~not~~to inserve ~~compliance~~as ~~with~~a ~~the~~consultant ~~fixed~~to ~~charge~~the ~~coverage~~Company ~~ratio~~through ~~covenant contained in~~ the ~~Loan~~remainder ~~Agreement dated as~~ of ~~December 22,~~February ~~2014~~2016. ~~between~~Michael ~~the Company and Callidus Capital Corporation (the “Lender”)~~O. ~~Because~~Matthews, of the Company’s ~~non-compliance~~former ~~with~~Chief ~~this~~Financial ~~financial covenant~~Officer, onalso ~~August 28,~~continues ~~2015,~~to ~~the~~serve ~~Company~~as ~~received notification (the “Notice”) from the Lender that it was in default under the Loan Agreement. As~~ a ~~result~~ ofconsultant ~~being in default, the Lender has the right~~ to ~~declare~~ the Company’s ~~debt~~through ~~obligations~~July 2, ~~(approximately~~2016 ~~$27.5~~pursuant ~~million)~~ to ~~be immediately due and payable, to terminate~~ the ~~Lender’s~~previously ~~obligation~~disclosed toagreement ~~advance~~entered ~~any~~into ~~additional~~between ~~borrowings under~~ the ~~original~~Company ~~terms of the Loan Agreement,~~ and toMr. Matthews ~~take~~dated ~~possession~~as of ~~substantially~~September 2, ~~all of the Company’s assets~~2015. InThe ~~addition, the event of default increases the rate of interest the~~ Company ~~will~~has ~~pay~~begun ona ~~outstanding~~search ~~obligations~~for ~~from 14% per year to~~ a ~~default~~replacement ~~rate~~Chief ofFinancial ~~17%~~Officer.

A copy of the Notice is filed herewith as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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 18, 2015	By:	/s/ Stan Gadek
Date: February 2, 2016	By:	/s/ Douglas G. Voss
		Stan Gadek
		Douglas G. Voss
		Chief Financial Officer
		Chief Executive Officer

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