ZRCN receives default notice on credit agreement; reaches preliminary forbearance deal

ZRCN Inc.

On April 30, 2025, ZRCN received Notice of Default from FGI Worldwide LLC for violating Fixed Cost Coverage Ratio and another covenant.
Defaults are primarily due to reduced revenues and duties incurred on products imported from China.
Lender has not accelerated or demanded payment; company continues to borrow under the agreement.
Agreement in principle reached to amend terms and forbear defaults, subject to final documentation; no assurance.
If uncured, lender could accelerate debt or foreclose on company assets.

item 2.04

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