Peapack sues Fly-E Group for $3.9M default on $5M credit facility that matured August 2025

Fly-E Group, Inc.

• Peapack Private Bank & Trust filed a complaint October 30, 2026 in the Supreme Court of the State of New York, County of Queens, seeking at least $3.9 million in outstanding principal.
• Complaint concerns a $5,000,000 Revolving Credit Note and Loan and Security Agreement dated August 5, 2024, with Fly E-Bike, Inc. and Fly EV, Inc. as co-borrowers.
• Credit Facility matured August 31, 2025; forbearance ran only through June 30, 2026, and interest now accrues at a 15.375% post-forbearance rate plus default interest and late charges.
• Guarantors include CEO Zhou Ou and Ke Zhang; obligations are secured by substantially all personal property of the borrowers and certain subsidiaries.
• Lender demanded October 20, 2026 that borrowers assemble and turn over collateral; the complaint also seeks possession of that collateral. Company is reviewing defenses.