Company: SSUP
Filing Date: 2025-08-15
Form Type: DEFM14A
Source: 0001140361-25-031532
Chunk: 48

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-08-15
Form: DEFM14A
Chunk 48
---
 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 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