{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-25-014988","form_type":"8-K","ticker":null,"cik":"0001901297","company_name":"ZRCN Inc.","filed_at":"2025-09-25T23:59:59+00:00","discovered_at":"2026-05-14T18:02:45.554564+00:00","generated_at":"2026-05-17T05:42:26.448477+00:00","sec_items":["2.04","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"ZRCN receives default notice for EBITDA covenant breach under credit agreement","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-25-014988","json":"https://secwatch.observer/filing/0001493152-25-014988.json","markdown":"https://secwatch.observer/filing/0001493152-25-014988.md","text":"https://secwatch.observer/filing/0001493152-25-014988.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1901297/000149315225014988/0001493152-25-014988-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1901297/000149315225014988/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T05:42:26.448477+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":"c61987e2d35993f3331990ebbf8c79860ac2cdc5","claim":"ZRCN Inc. reported a default on revolving credit with FGI Worldwide LLC.","evidence_excerpt":"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\").","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1901297/000149315225014988/0001493152-25-014988-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Counterparty","value":"FGI Worldwide LLC"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}