Company: SSUP
Filing Date: 2025-07-30
Form Type: PREM14A
Source: 0001140361-25-027895
Chunk: 50

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-07-30
Form: PREM14A
Chunk 50
---
 revolving credit lenders and Term Loan Lenders, in each case that had been authorized by the Company. The representatives of Lazard then updated the Board on the progress regarding the broader recapitalization transaction involving the Term Loan Lenders, including the Common Share Proposal, as well as the Term Loan Lenders’ discussions with the holder of the Series A Preferred Shares to determine whether proceeding with an out-of-court transaction was feasible, given the Term Loan Lenders’ requirement that the holder of the Series A Preferred Shares enter into a support agreement in connection with the potential transaction. The representatives of Lazard discussed with the Board the latest proposal made by the Term Loan Lenders to the holder of the Series A Preferred Shares, which reflected cash consideration equal to two (2) times the value of the cash consideration payable to the holders of Common Shares, and three percent (3%) of the common equity of the post-closing private company (the “Preferred Share Proposal”). The Board discussed the Common Share Proposal and Preferred Share Proposal with the representatives of Lazard, including whether there might be additional value that the Term Loan Lenders would be willing to pay the holders of Common Shares in order to proceed with an out-of-court transaction. The Board also discussed the fact that the alternative to proceeding with a transaction with the Term Loan Lenders would likely be to file for bankruptcy protection (in which case it would be unlikely that holders of Common Shares would obtain any value). Following discussion, the Board requested that the Company’s management direct Lazard to make a counterproposal of $0.20 per Common Share (or approximately $6.0 million), but also discussed that any value that could be obtained for the holders of Common Shares would be better than if the Company pursued an in-court transaction.

In connection with the milestones set forth in the commitment letter for the Bridge Facility, on May 28, 2025, the Board (i) increased the size of the Board from eight to nine members and appointed Keshav Lall to serve as a member of the Board, (ii) established the Transaction Committee with the authority to consider, negotiate, approve, authorize and act upon one or more recapitalization or similar transactions with the Company’s term loan lenders and (iii) appointed Timothy McQuay, Deven Petito and Keshav Lall to serve on the Transaction Committee.

On May 28, 2025, at the direction of the Company’s management, representatives of Lazard conveyed the Board’s counterproposal of $0.20 per Common Share (