Oaktree Capital and Other Term Loan Lenders Acquire Superior Industries

Paul, Weiss advised an ad hoc group of Superior Industries International, Inc.’s term loan lenders, including Oaktree Capital Management, on their acquisition of the Michigan-based aluminum wheel supplier. As part of the transaction, the lenders converted a significant portion of their term loans into equity and extinguished Superior’s preferred and common stock. The transaction, implemented via a merger with an entity indirectly owned by the term loan lenders, resulted in a substantial reduction of Superior’s funded debt, better positioning the business for long-term growth. Superior, a global leader in the wheel industry, serves the European vehicle aftermarket with the brands ATS, Rial, Alutec and Anzio.

The Paul, Weiss team includes restructuring partners Brian Hermann and Jacob Adlerstein, and corporate partners Samuel Welt, Kenneth Schneider, Sung Pak, Christodoulos Kaoutzanis and John Kennedy and counsel Mary-Ann Awada and Lyudmila Bondarenko; antitrust partner Ross Ferguson and counsel John Magruder; tax partner Robert Holo; executive compensation partner Lawrence Witdorchic; and litigation partners Andre Bouchard, Gregory Laufer and Andrew Ehrlich.