SUPERIOR INDUSTRIES INTERNATIONAL INC: restructuring charge — Superior's German subsidiary files insolvency; expects $81.7M non-cash charge

SUPERIOR INDUSTRIES INTERNATIONAL INC

SPG filed voluntary preliminary insolvency proceedings in German court; deconsolidation effective Aug 31, 2023.
Superior expects ~$81.7M non-cash charge in Q3 2023 for excess carrying value over fair value of SPG interest.
SPG represents ~6% of Superior's footprint; U.S., Mexico, Poland operations not impacted.
No default under Superior's debt agreements; company maintains strong liquidity.
Pro forma net loss of $26.4M for FY2022 after deconsolidation; no discontinued ops presentation.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SUPERIOR INDUSTRIES INTERNATIONAL INC announced a impairment with charges of approximately $81.7 million affecting SPG (Superior Industry Production Germany GmbH).

Type: impairment
Charge: approximately $81.7 million
Affected area: SPG (Superior Industry Production Germany GmbH)

Exact text from the filing

Superior expects to recognize a non-cash charge of approximately $81.7 million in the third quarter of 2023, representing the excess of the carrying value over the estimated preliminary fair value of its interest in, and receivable from, SPG as of the Filing Date

View on SEC.gov

Browse all restructurings & charges →

Source: SEC EDGAR

accession 0000950170-23-045613

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.