Company: SSUP
Filing Date: 2025-08-15
Form Type: DEFM14A
Source: 0001140361-25-031532
Chunk: 46

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-08-15
Form: DEFM14A
Chunk 46
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 Series A Preferred Shares would enter into agreements to vote to approve the merger), or in-court through prepackaged or prearranged cases under chapter 11 of the Bankruptcy Code. No proposed value for the Common Shares or Series A Preferred Shares was included in the initial draft non-binding term sheet.

On May 5, 2025, Paul Weiss provided Weil with a draft non-binding term sheet setting forth the proposed terms of a $70 million delayed draw term facility under the Company’s existing term loan facility (the “Bridge Facility”), as well as proposed financial covenant waivers and other financial accommodations. Among other things, the draft term sheet set forth certain milestones that the Company was required to achieve prior to funding of the Bridge Facility, including (i) entry into a support agreement with the Term Loan Lenders that provides for a comprehensive recapitalization of the Company, (ii) the provision of due diligence information reasonably satisfactory to the Term Loan Lenders and (iii) the achievement of certain business milestones, including the delivery of executed agreements with certain customers relating to awarded business and receiving assurances from certain customers as to their commitment to maintaining their existing relationships with the Company. The non-binding term sheet also contemplated certain conditions precedent to the effectiveness of the amendment to the Company’s existing term loan facility to provide for the Bridge Facility, including (i) satisfaction of all applicable milestones, (ii) the provision of due diligence information reasonably satisfactory to the Term Loan Lenders, (iii) the appointment of a new independent director to the Board and (iv) the creation of a special committee of the Board, on which the new independent director must serve.

On May 6, 2025, the Board held a meeting attended by the Company’s management and representatives of each of Lazard, Weil and A&M, at which, among other things, the representatives of each of Weil and Lazard provided the Board with an update on the status of the negotiations related to the Bridge Facility commitment letter and the terms thereof, including the milestones that the Company would be required to achieve prior to the funding of the Bridge Facility. Representatives of Lazard also discussed with the Board the Company’s liquidity needs, including the fact that, absent a capital injection (the most likely source of which would be the Term Loan Lenders, given the Company’s lack of unencumbered assets, limited debt incurrence flexibility and credit profile), the Company could exhaust its liquidity in the coming weeks. The representatives of Lazard also discussed with the Board the potential reaction by the market