ZRCN Inc.: debt financing — ZRCN receives default notice for EBITDA covenant breach under credit agreement

ZRCN Inc.

Received Notice of Default on September 17, 2025 from lender FGI Worldwide LLC for breaching minimum EBITDA covenant.
Default arose under forbearance agreement entered July 15, 2025; lender may accelerate debt or foreclose on assets.
Lender has not yet demanded payment or exercised remedies; company continues discussions but no assurance of resolution.
Credit Agreement dated May 31, 2024; EBITDA covenant was part of forbearance amendment.

item 2.04 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ZRCN Inc. reported a default on revolving credit with FGI Worldwide LLC.

Instrument: revolving credit
Counterparty: FGI Worldwide LLC
Event: default

Exact text from the filing

On September 17, 2025, the Company and its Affiliates received a Notice of Default under the Credit Agreement (the "Notice") as a result of its failure to satisfy the EBITDA Covenant (the "Specified Defaults").

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Source: SEC EDGAR

accession 0001493152-25-014988

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