Company: SSUP
Filing Date: 2025-07-30
Form Type: PREM14A
Source: 0001140361-25-027895
Chunk: 49

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-07-30
Form: PREM14A
Chunk 49
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 of the Common Shares on NYSE, the Company entered into the Bridge Facility commitment letter.

Later on May 12, 2025, the Company filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which disclosed that, as a result of the Customer Losses (which were expected to significantly affect the Company’s ability to generate cash from operating activities or from the sale of trade receivables in the near term) and based on its then-current estimates and forecasts, including the amounts then drawn on the Company’s revolving credit facility, the Company did not expect that it would have the cash and cash equivalents or sufficient liquidity to fund its operations and meet its obligations as they became due over the subsequent twelve months. In addition, the Company disclosed that it expected it would not be able to meet its financial covenants under its credit agreements as early as June 30, 2025 if it did not obtain additional sources of funding or obtain waivers or amendments of such provisions. The Company disclosed that as a result of these adverse conditions and events, there was substantial doubt about the Company’s ability to continue as a going concern. Additionally, the Company disclosed that it planned to eliminate previously planned capital expenditures and reduce capital expenditures to a minimum level to maintain existing equipment to support the Company’s then current business needs and pursue initiatives to reduce investments in working capital, primarily inventory.

Between May 15, 2025 and June 4, 2025, the Company engaged in negotiations with the Term Loan Lenders and its revolving credit lenders to amend the Company’s existing term loan and revolving credit agreements to give effect to the Bridge Facility and to agree to certain financial covenant relief.

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On May 22, 2025, the Wall Street Journal reported that Oaktree and certain lenders were in talks to acquire the Company.

On May 27, 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 amendment to the Term Loan and revolving credit facility to implement the terms of the Bridge Facility commitment letter and the terms thereof, including the milestones (and updates with respect to progressing on those milestones). The representatives of Lazard also updated the Board on the latest discussions with the Company’s suppliers, vendors,