Circle8's Lyneer unit gets PEO and SPP default notices; lender SLR plans UCC asset sale

ATLANTIC INTERNATIONAL CORP.

Lyneer Staffing Solutions received a default notice from professional employer organization Employers Personnel, LLC over alleged payment-obligation defaults; Lyneer is negotiating a resolution.
SPP Credit Advisors sent Oct 14, 2026 default notices covering the April 29, 2025 Amended and Restated Loan Agreement and June 18, 2024 Bridge Loan; SPP and Agent granted no waiver.
North Mill Capital d/b/a SLR Business Credit, Lyneer's senior secured lender, intends UCC Article 9 private sales of substantially all Lyneer assets on or after Oct 27, 2026.
Circle8 disputes the SLR notice's validity and is reviewing the "veracity" of the purported defaults, pointing to the Aug 7, 2026 Settlement Agreement; SPP has taken no further action.
SPP asserted cross-events of default tied to the PEO notice, reserving all rights and remedies under the Financing Agreement, loan documents and Bridge Loan documents.

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