{"schema_version":"secwatch.filing_event.v1","accession":"0000090168-23-000072","form_type":"8-K","ticker":"SIF","cik":"0000090168","company_name":"SIFCO INDUSTRIES INC","filed_at":"2023-12-28T23:59:59+00:00","discovered_at":"2026-05-14T18:03:32.345286+00:00","generated_at":"2026-06-07T06:42:03.299812+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"SIFCO secures $3M director sub loan; JPMorgan credit amended: maturity Oct 2024, revolver cut to $19M, sale process","bullets":["Subordinated loan of $3M from Garnet Holdings (owned by director Mark Silk) at 14% PIK interest, matures Oct 4, 2024.","JPMorgan Ninth Amendment reduces revolving commitment from $23M to $19M and extends maturity to Oct 4, 2024.","Borrowing base reserves increase from $1.5M by $250K/month starting May 2024, reaching $2.5M by August 2024.","Company must engage Houlihan Lokey to pursue sale of the company on a best-efforts basis by May 31, 2024.","Director Mark Silk provides guaranty to JPMorgan; receives $760K guaranty fee (added to principal, payable at maturity)."],"urls":{"canonical":"https://secwatch.observer/filing/0000090168-23-000072","json":"https://secwatch.observer/filing/0000090168-23-000072.json","markdown":"https://secwatch.observer/filing/0000090168-23-000072.md","text":"https://secwatch.observer/filing/0000090168-23-000072.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/90168/000009016823000072/0000090168-23-000072-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/90168/000009016823000072/sif-20231221.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T06:42:03.299812+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"139881bc76ba8c619af1446f8310cbe2a29f999a","claim":"SIFCO INDUSTRIES INC amended credit facility with JPMorgan Chase Bank, N.A. at 2.75% (CBFR REVSOFR30), 0.25% (CBFR Spread (CB Floating Rate)), 2.75% (SOFR Spre maturing October 4, 2024.","evidence_excerpt":"The Ninth Amendment amends the Credit Agreement to, among other things, to: (i) reflect the incurrence by borrowers of the Subordinated Loan","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/90168/000009016823000072/0000090168-23-000072-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Counterparty","value":"JPMorgan Chase Bank, N.A."},{"label":"Rate","value":"2.75% (CBFR REVSOFR30), 0.25% (CBFR Spread (CB Floating Rate)), 2.75% (SOFR Spre"},{"label":"Maturity","value":"October 4, 2024"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"3a239e75bfab96154bd51278a1275b10ee739468","claim":"SIFCO INDUSTRIES INC incurred loan of $3,000,000 with Garnet Holdings, Inc. at 14% per annum maturing October 4, 2024.","evidence_excerpt":"On December 21, 2023, SIFCO Industries, Inc. (the “Company”) and certain of its subsidiaries (collectively, the “borrowers”), in connection with and as a condition to the agreement by JPMorgan Chase Bank, N.A. (the “Lender”) to consummate the transactions contemplated by the Ninth Amendment and the Fourth Amendment (each as defined below), incurred a secured subordinated loan from Garnet Holdings, Inc., a California corporation owned and controlled by Mark J. Silk (“GHI”), in the original principal amount of $3,000,000 (the “Subordinated Loan”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/90168/000009016823000072/0000090168-23-000072-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$3,000,000"},{"label":"Counterparty","value":"Garnet Holdings, Inc."},{"label":"Rate","value":"14% per annum"},{"label":"Maturity","value":"October 4, 2024"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"e95a4d509d3a76ac363bd57fbf0ca7cc1ae2edee","claim":"SIFCO INDUSTRIES INC entered into Fourth Amendment with JPMorgan Chase Bank, N.A. (effective 2023-12-21).","evidence_excerpt":"Fourth Amendment (the “Fourth Amendment”) to Export Credit Agreement (the “Export Credit Agreement”), in each case, with the Lender.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/90168/000009016823000072/0000090168-23-000072-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"JPMorgan Chase Bank, N.A."},{"label":"Effective","value":"2023-12-21"}],"fact_type":"material_agreement"},{"claim_id":"f0f9fb34c3727fe406dbf36f2696f4d095e05958","claim":"SIFCO INDUSTRIES INC entered into Ninth Amendment with JPMorgan Chase Bank, N.A. (effective 2023-12-21).","evidence_excerpt":"On December 21, 2023, the borrowers entered into the Ninth Amendment (the “Ninth Amendment”) to the Credit Agreement (as previously amended, the “Credit Agreement”)","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/90168/000009016823000072/0000090168-23-000072-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"JPMorgan Chase Bank, N.A."},{"label":"Effective","value":"2023-12-21"}],"fact_type":"material_agreement"},{"claim_id":"f81351852a126281ddd66083df602d396051bbd1","claim":"SIFCO INDUSTRIES INC entered into Subordinated Secured Promissory Note with Garnet Holdings, Inc. valued at $3,000,000 (effective 2023-12-21).","evidence_excerpt":"incurred a secured subordinated loan from Garnet Holdings, Inc., a California corporation owned and controlled by Mark J. Silk (“GHI”), in the original principal amount of $3,000,000 (the “Subordinated Loan”), on the terms and subject to the conditions of: (a) a Subordinated Secured Promissory Note (the “Subordinated Promissory Note”)","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/90168/000009016823000072/0000090168-23-000072-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Garnet Holdings, Inc."},{"label":"Value","value":"$3,000,000"},{"label":"Effective","value":"2023-12-21"}],"fact_type":"material_agreement"},{"claim_id":"f94b448bb0704e600c1268c64ad7393b59ae4bed","claim":"SIFCO INDUSTRIES INC entered into Subordination and Intercreditor Agreement with Garnet Holdings, Inc. (effective 2023-12-21).","evidence_excerpt":"(the “Lender”) to consummate the transactions contemplated by the Ninth Amendment and the Fourth Amendment (each as defined below), incurred a secured subordinated loan from Garnet Holdings, Inc., a California corporation owned and controlled by Mark J. Silk (“GHI”), in the original principal amount of $3,000,000 (the “Subordinated Loan”), on the terms and subject to the conditions of: (a) a Subordinated Secured Promissory Note (the “Subordinated Promissory Note”) in the original principal amount of $3,000,000 issued by borrowers to GHI, (b) a Subordination and Intercreditor Agreement (the “Subordination Agreement”) by and among borrowers, GHI and Lender, and (c) a Side Letter by and among borrowers and Mark J.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/90168/000009016823000072/0000090168-23-000072-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Garnet Holdings, Inc."},{"label":"Effective","value":"2023-12-21"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}