{"schema_version":"secwatch.filing_event.v1","accession":"0001641172-25-019524","form_type":"8-K","ticker":null,"cik":"0001901297","company_name":"ZRCN Inc.","filed_at":"2025-07-14T23:59:59+00:00","discovered_at":"2026-05-14T18:02:45.554164+00:00","generated_at":"2026-05-18T06:45:46.562030+00:00","sec_items":["2.04"],"event_type":"debt","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"ZRCN receives default notice on credit agreement; reaches preliminary forbearance deal","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001641172-25-019524","json":"https://secwatch.observer/filing/0001641172-25-019524.json","markdown":"https://secwatch.observer/filing/0001641172-25-019524.md","text":"https://secwatch.observer/filing/0001641172-25-019524.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1901297/000164117225019524/0001641172-25-019524-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1901297/000164117225019524/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T06:45:46.562030+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":"6fa88822e4848674131474c5f3988aaeb8e2336c","claim":"ZRCN Inc. reported a default on revolving credit with FGI Worldwide LLC.","evidence_excerpt":"On April 30, 2025, ZRCN Inc. (the “Company”) received a Notice of Default (the “Notice”) on its Revolving Credit, Security, and Guaranty Agreement (the “Credit Agreement”) with FGI Worldwide LLC (the “Lender”) as a result of being non-compliant with its Fixed Cost Coverage Ratio covenant","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1901297/000164117225019524/0001641172-25-019524-index.htm","confidence":0.95,"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"}