Company: SSUP
Filing Date: 2025-08-15
Form Type: DEFM14A
Source: 0001140361-25-031532
Chunk: 45

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-08-15
Form: DEFM14A
Chunk 45
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 with each of those financial sponsors.

On April 24, 2025, the Company, after consultation with Lazard, provided the Term Loan Lenders with a preliminary view of the Company’s revised business plan for the remainder of 2025, which accounted for the volume impact of the Customer Losses. This revised business plan indicated liquidity challenges for the Company and, as a result, the Company needed covenant relief from its lenders. In addition, the Company’s preliminary view of its revised business plan suggested that the existing capital structure of the Company was not viable over the longer-term, necessitating a broader capital structure solution.

Beginning on April 24, 2025, on behalf of the Company, the Company authorized representatives of Lazard to provide representatives of Paul, Weiss, Rifkind, Wharton & Garrison LLP (“Paul Weiss”), legal counsel to the

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Term Loan Lenders, with access to an electronic data room for detailed legal due diligence review in respect of a potential transaction. From April 24, 2025 to July 8, 2025, the Term Loan Lenders and their advisors conducted due diligence on the Company, and numerous due diligence sessions with management and the Company’s advisors were conducted.

By April 29, 2025, each of the financial sponsors who had submitted a Proposal had informed Lazard that it was no longer interested in pursuing a potential acquisition of the Company for a number of reasons, including the Customer Losses and resulting impact to their views on the Company’s business prospects (including the fact that their resulting views would not exceed the value of the Term Loan), as well as concerns regarding the impact of the Customer Losses on whether other customers would continue their relationships with the Company and the trade and policy headwinds facing the Company.

The Company and Lazard executed an engagement letter effective as of May 1, 2025 related to Lazard’s engagement by the Company in connection with, among other things, a recapitalization or sale transaction involving the Company.

On May 1, 2025, Paul Weiss provided Weil with an initial draft of a non-binding term sheet setting forth a proposed structure of a recapitalization transaction, including that such a transaction would be implemented either out-of-court through a merger (but only in the event that, prior to the execution of a merger agreement, the Term Loan Lenders received assurances satisfactory to them that holders of a sufficient number of Common Shares and the holder of the