Bankruptcy: Slingshot USA LLC

Form Type: 1-U

Filing Date: 2025-04-16

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000121465925005946

Filing Summary: On April 4, 2025, Slingshot USA, LLC received a cancellation notification for existing Loan Agreements from a related party loan and Slingshot Productions Limited. Due to financial difficulties, Slingshot USA's board met with lenders on April 8th and 9th, 2025, to discuss restructuring options, as the company cannot repay the loans. The loans, originally totaling $10,600,000 and amended to $12,000,000, carry a 10% interest rate and have an immediate repayment requirement or maturity on December 13, 2025. There is an additional facility of $6,200,000 with Slingshot Productions Limited. As of April 3, 2025, the total repayment demand reached $17,441,135, including accrued interest. The company is pursuing a restructuring agreement with Slingshot Productions to improve its financial position and reduce short-term obligations, aiming for closing within weeks.

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