XTI Aerospace Subsidiary’s Note Default Triggers Cross-Default on JPMorgan Credit Facility
Bitget2026/10/16 21:16- XTI Aerospace’s subsidiary XTI Drones Holdings defaulted on seller promissory notes October 11, 2026, following missed September 30 payments.
- The notes totaled approximately $4.51 million outstanding, carry 9.25% default interest and mature November 10, 2026.
- The defaults triggered cross-defaults under JPMorgan Chase’s $20 million revolving credit facility, with approximately $8.4 million outstanding October 16, 2026.
- A temporary note-default waiver awaits execution; borrowers intend to seek a lender waiver, with no acceleration demanded or lender remedies announced.
- Available liquidity is insufficient to repay accelerated obligations; JPMorgan can halt lending, potentially impairing the borrowers’ ability to fund operations.
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