GlassBridge Enterprises, Inc.: debt financing — GlassBridge reports $34.1M default by servicer on WAB loan; potential foreclosure on pledged collateral

GlassBridge Enterprises, Inc.

Third-party servicer defaulted on WAB Loan ($34.1M outstanding) due to liquidity, audit, and Fannie Mae suspension.
GlassBridge pledged collateral (mortgage servicing rights) with fair market value at least $61.9M to secure the loan.
WAB may foreclose on collateral; company states default will be cured promptly and no foreclosure anticipated.
No financial impact or acceleration of obligation quantified; company does not expect material adverse effect.

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

GlassBridge Enterprises, Inc. reported a default on guarantee of approximately $34.1 million with Western Alliance Bank.

Instrument: guarantee
Principal: approximately $34.1 million
Counterparty: Western Alliance Bank
Event: default

Exact text from the filing

obligations of its third party servicer under such servicer’s loan agreement with WAB (the “WAB Loan”). As of today, the amount outstanding under the WAB loan was approximately $34.1 million secured by Collateral with a fair market value of at least $61.9 million. On June 11, 2025, the Company received a notice that its third party servicer had defaulted on the WAB

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Source: SEC EDGAR

accession 0001641172-25-015450

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