A drink holder assembly includes a drink holder which is mountable above a tray, such as an airline table tray mounted on the back of an airline chair. Typically, a support extends downwardly from the drink holder and a mounting mechanism connected to the support removably mounts the drink holder on the tray. A reading light is preferably mounted on the drink holder to provide light directed toward the tray. The assembly may include another light so that the assembly serves as a flashlight useful for emergency purposes. The assembly is collapsible to fit within a purse or briefcase. The drink holder may be spaced sufficiently above the tray to accommodate a laptop computer seated on the tray.