Company: SSUP
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034599
Chunk: 187

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-03-06
Form: 10-K
Item: Item 8
Chunk 187
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 (1) Provision is net of revisions to previous estimates.

NOTE 19 – DECONSOLIDATION OF SUBSIDIARYOn August 31, 2023, the Company’s then-owned subsidiary Superior Industries Production Germany GmbH (“SPG”) filed voluntary petitions for preliminary insolvency proceedings (i.e., equivalent to Chapter 11 under the U.S. Bankruptcy Code). Effective August 31, 2023, the Company ceased control of SPG and deconsolidated the subsidiary; therefore, it is no longer included in the Company’s consolidated financial statements.  On October 1, 2024, the Company and the insolvency administrator entered into a final settlement agreement to settle certain losses incurred by SPG as a result of continuing production to ensure the Company’s supply to its customers. During the year ended December 31, 2024, the Company purchased property, plant, and equipment of $2.0 million from the insolvency administrator.  As of December 31, 2023, the Company’s receivable due from the SPG bankruptcy estate was $15.3 million and the associated allowance was $14.8 million. The resulting net receivable as of December 31, 2023 was $0.5 million, which has been included in other noncurrent assets in the Company’s consolidated balance sheet. 

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