Company: SSUP
Filing Date: 2025-07-30
Form Type: PREM14A
Source: 0001140361-25-027895
Chunk: 48

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-07-30
Form: PREM14A
Chunk 48
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 commitment letter and continued to negotiate the terms of the Term Sheet.

On May 10, 2025, the Board held a meeting attended by the Company’s management and representatives of each of Lazard and Weil, at which, among other things, the representatives of Lazard provided the Board with an update on the status of the Company’s liquidity needs, which had become further strained due, in part, to a temporary suspension of certain of the Company’s factoring facilities and an update on the ongoing negotiations related to the Bridge Facility commitment letter and recapitalization transaction. Representatives of Lazard and management then discussed with the Board certain options to manage liquidity, as well as the terms of the Bridge Facility commitment letter being negotiated with the Term Loan Lenders, including the milestones that the Company would be required to achieve prior to the funding of the Bridge Facility, including (i) the appointment of a new independent director to the Board, (ii) the formation of a transaction committee of the Board to oversee any recapitalization transaction involving the Company, on which the new independent director must serve, (iii) entry into a support agreement with the Term Loan Lenders providing for a comprehensive recapitalization of the Company, (iv) the provision of due diligence information reasonably satisfactory to the Term Loan Lenders and (v) the achievement of certain business milestones, including the delivery of executed agreements with certain customers relating to awarded business, remaining in certain customers’ bidding processes and receiving assurances from certain customers as to their commitment to maintaining their existing relationships with the Company.

On May 11, 2025, an informal update meeting was held with certain members of the Board, Company management and representatives of each of Lazard and Weil, at which, among other things, the representatives of each of Weil and Lazard provided 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, including the fact that the transaction committee of the Board to be formed would be required to oversee any recapitalization transaction involving the Company and to approve such a transaction.

On May 11, 2025, the Term Loan Lenders, through Paul Weiss, proposed to Weil that the total consideration to be provided to the holders of Common Shares in connection with an out-of-court merger would be $3.0 million (the “Common Share Proposal”).

On May 12, 2025, prior to the opening of trading