Company: SSUP
Filing Date: 2025-07-30
Form Type: PREM14A
Source: 0001140361-25-027895
Chunk: 44

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-07-30
Form: PREM14A
Chunk 44
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 from a potential buyer after learning of such development. Following discussion and consideration, the Board determined to pause the potential sale process until the impact of such Customer Losses could be more fully analyzed and the Company had determined its next steps in relation thereto.

On April 5, 2025, the Board held a meeting attended by the Company’s management, representatives of Lazard and representatives of Weil, Gotshal & Manges LLP (“Weil”), the Company’s legal counsel, at which, among other things, the Board was provided with an update regarding the Customer Losses. The Board and management of the Company discussed near term strategic options for the Company in connection with its liquidity challenges arising from the Customer Losses, and the Company’s approach with respect to other customers. Following the Board meeting, Mr. Abulaban had a discussion with a representative of Oaktree Capital Management (“Oaktree”), a significant lender in the Company’s senior secured term loan credit facility (the “Term Loan” and such lenders, the “Term Loan Lenders”) to inform him of the Customer Losses and that the Company was evaluating the impact of such losses, including on the Company’s liquidity position.

Also on April 5, 2025, the Company engaged Alvarez & Marsal North America, LLC (“A&M”) to act as a financial advisor to the Company based upon, among other factors, A&M’s reputation, qualifications, expertise and experience in distress situations and its familiarity with the Company and knowledge of the Company’s business and the industry in which the Company operates. A&M was engaged to, among other matters, assist with management of the Company’s liquidity position following the Customer Losses, as well as to analyze and evaluate the strategic options available to the Company.

From April 6, 2025 through May 12, 2025, at the direction of the Company’s management, representatives of Lazard held numerous discussions with the representatives of the Term Loan Lenders regarding the Customer Losses and the Company’s liquidity position.

On April 8, 2025, the Board held a meeting attended by the Company’s management, representatives of Lazard and representatives of Weil to discuss, among other things, the Company’s response to the Customer Losses, the impact of the Customer Losses on the potential sale process, and the conversations between representatives of the Company and the Term Loan Lenders. Following discussion regarding the benefits and considerations, it was determined that Lazard should inform the potential buyers who had submitted Proposals about the Customer Loss