Peapack Private Bank sues Fly-E Group over at least $3.9 million in unpaid loan principal
FLYE•Peapack Private Bank & Trust sued Fly-E Group and other borrowers and guarantors, seeking at least $3.9 million tied to a $5 million revolving credit facility that matured in August 2025.
1. Loan repayment lawsuit
Peapack Private Bank & Trust sued Fly-E Group and other borrowers and guarantors on October 30, 2026, seeking repayment of a revolving credit facility. The complaint seeks at least $3.9 million in principal, accrued interest, late charges and legal costs; post-forbearance interest is 15.38% annually.
2. Forbearance and collateral
The $5 million facility was dated August 5, 2024, and matured on August 31, 2025. A forbearance agreement dated November 7, 2025, and amended May 28, 2026, deferred certain lender remedies through June 30, 2026. The bank also seeks possession of collateral after an October 20, 2026, turnover demand, and Fly-E Group is evaluating defenses.
