Company: SSUP
Filing Date: 2025-08-15
Form Type: DEFM14A
Source: 0001140361-25-031532
Chunk: 50

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-08-15
Form: DEFM14A
Chunk 50
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 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 (or approximately $6.0 million) with respect to the holders of Common Shares to representatives of Oaktree. On May 29, 2025, representatives of Oaktree, on behalf of the Term Loan Lenders, told the representatives of Lazard that the Term Loan Lenders were not willing to pay the holders of Common Shares more than $3.0 million, noting that if the Term Loan Lenders pursued the transaction in-court, then the holders of Common Shares would likely receive no consideration.

On June 4, 2025, Weil provided a draft Merger Agreement and draft form of Voting and Support Agreement (“VSA”) to Paul Weiss. The VSA was expected to be entered into by the directors and officers of the Company as well as certain other stockholders of the Company, including TPG, the holder of all of the issued and outstanding Series A Preferred Shares.

Separately, on June 4, 2025, the Company entered into an amendment to its existing term loan credit agreement, pursuant to which, among other things, the Term Loan Lenders agreed to provide the Bridge Facility, of which $10 million was funded on June 4, 2025 and the remainder of which was to be funded in accordance with the terms and conditions of the amended term loan credit agreement.