Company: SSUP
Filing Date: 2025-08-15
Form Type: DEFM14A
Source: 0001140361-25-031532
Chunk: 51

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-08-15
Form: DEFM14A
Chunk 51
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 Also on June 4, 2025, the Company entered into an amendment to its existing revolving credit agreement, pursuant to which, among other things, the Company’s revolving credit lenders agreed to (i) a limited waiver of the financial covenants and (ii) the incurrence of the Bridge Facility. Pursuant to the amendment to the Company’s existing term loan credit agreement, among other milestones, the Company was required to enter into the Recapitalization Support Agreement (“RSA”) by June 11, 2025.

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On June 5, 2025, Weil provided a draft RSA to Paul Weiss which, consistent with the Term Sheet, provided for the Term Loan Lenders agreeing to support an out-of-court recapitalization through a merger transaction (so long as the Company met certain specified milestones related to such a transaction), which transaction would provide consideration to both holders of Common Shares and the holder of the Series A Preferred Shares. In the event that a merger agreement evidencing such a transaction could not be executed by a specified date to be determined, or if holders of the requisite number of Common Shares and the Series A Preferred Shares to approve such a transaction were not obtained prior to entry into the merger agreement, then the Company would agree to support an in-court transaction through prepackaged or prearranged cases under chapter 11 of the bankruptcy code, pursuant to which holders of Common Shares would receive no consideration and the holder of the Series A Preferred Shares would receive no cash consideration.

On June 11, 2025, the Company requested an initial extension of the deadline to enter into the RSA, which was granted by the requisite Term Loan Lenders and revolving credit lenders. Between June 11, 2025 and July 7, 2025, the Company requested, and the Term Loan Lenders and revolving credit lenders granted, an extension of this deadline seven (7) times to permit the parties to continue negotiating and documenting the RSA and the other transaction documents.

On June 12, 2025, Paul Weiss provided Weil with comments to the draft merger agreement and draft form of VSA. From June 12, 2025 through July 8, 2025, the Company, the Term Loan Lenders, and their respective legal advisors negotiated the Merger Agreement, the form VSA, the RSA and related transaction documents. Significant areas of discussion and negotiation included: (i) the restrictions on the Company’s ability to