Company: SSUP
Filing Date: 2025-07-30
Form Type: PREM14A
Source: 0001140361-25-027895
Chunk: 46

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-07-30
Form: PREM14A
Chunk 46
---
 due diligence sessions with management and the Company’s advisors were conducted.

By April 29, 2025, each of the financial sponsors who had submitted a Proposal had informed Lazard that it was no longer interested in pursuing a potential acquisition of the Company for a number of reasons, including the Customer Losses and resulting impact to their views on the Company’s business prospects (including the fact that their resulting views would not exceed the value of the Term Loan), as well as concerns regarding the impact of the Customer Losses on whether other customers would continue their relationships with the Company and the trade and policy headwinds facing the Company.

The Company and Lazard executed an engagement letter effective as of May 1, 2025 related to Lazard’s engagement by the Company in connection with, among other things, a recapitalization or sale transaction involving the Company.

On May 1, 2025, Paul Weiss provided Weil with an initial draft of a non-binding term sheet setting forth a proposed structure of a recapitalization transaction, including that such a transaction would be implemented either out-of-court through a merger (but only in the event that, prior to the execution of a merger agreement, the Term Loan Lenders received assurances satisfactory to them that holders of a sufficient number of Common Shares and the holder of the Series A Preferred Shares would enter into agreements to vote to approve the merger), or in-court through prepackaged or prearranged cases under chapter 11 of the Bankruptcy Code. No proposed value for the Common Shares or Series A Preferred Shares was included in the initial draft non-binding term sheet.

On May 5, 2025, Paul Weiss provided Weil with a draft non-binding term sheet setting forth the proposed terms of a $70 million delayed draw term facility under the Company’s existing term loan facility (the “Bridge Facility”), as well as proposed financial covenant waivers and other financial accommodations. Among other things, the draft term sheet set forth certain milestones that the Company was required to achieve prior to funding of the Bridge Facility, including (i) entry into a support agreement with the Term Loan Lenders that provides for a comprehensive recapitalization of the Company, (ii) the provision of due diligence information reasonably satisfactory to the Term Loan Lenders and (iii) the achievement of certain business milestones, including the delivery of executed agreements with certain customers relating to awarded business and receiving assurances from certain customers as to their commitment to maintaining their existing relationships with the Company. The non-binding term sheet also contemplated certain conditions precedent to the