ATLANTIC INTERNATIONAL CORP. 8-K

What Happened

• Atlantic International Corp. (ATLN) and its Lyneer subsidiaries filed a lawsuit on April 3, 2026 in the Supreme Court of the State of New York (New York County) against SPP Credit Advisors, LLC. The complaint challenges March 30, 2026 Notices of Default that Atlantic says are fabricated and seeks a preliminary injunction and temporary restraining order to stop SPP from acting on those notices.
• The company says SPP has treated the loans as if outstanding indebtedness had not been satisfied and that SPP’s actions amount to a coordinated attempt to seize control of the Lyneer subsidiaries. Atlantic is asking the court to enjoin SPP from taking management or governance actions, removing officers, seizing property, hypothecating assets, or otherwise exercising remedies under the loan documents.
• Separately, on March 30, 2026, Mathew Evelt, Atlantic’s Chief Operating Officer, resigned effective immediately and stated his reasons were related to the SPP default notices.

Key Details

• Filing date of 8‑K: April 3, 2026; alleged triggering events and defaults dated March 30, 2026.
• Plaintiff entities: Atlantic and Lyneer subsidiaries — Lyneer Investments, LLC; Lyneer Holdings, Inc.; Lyneer Staffing Solutions, LLC — and reference to IDC Technologies, Inc. in the default notices.
• Defendant: SPP Credit Advisors, LLC; relief sought includes an Order to Show Cause, Temporary Restraining Order, and preliminary injunction to block SPP from exercising remedies or taking control.
• Executive change: COO Mathew Evelt resigned effective March 30, 2026 (Item 5.02 disclosure).

Why It Matters

• A creditor treating loans as in default and seeking to exercise remedies can threaten company control, operations, and assets of Atlantic and its subsidiaries; the lawsuit and requested injunction are the company’s immediate response to prevent those actions.
• The immediate resignation of the COO may create short-term operational disruption and could signal internal strain related to the dispute.
• Investors should watch for further disclosures (court orders, loan cure or payoff details, additional executive changes, or material financial impacts) that could affect Atlantic’s operations, liquidity, or governance.