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Receivable from SPG Bankruptcy Estate
3 Months Ended
Mar. 31, 2024
Noncontrolling Interest [Abstract]  
Receivable from SPG Bankruptcy Estate

NOTE 20 – RECEIVABLE FROM SPG BANKRUPTCY ESTATE

On August 31, 2023 (the “Filing Date”), the Company’s wholly owned subsidiary Superior Industries Production Germany GmbH (“SPG”) filed voluntary petitions for preliminary insolvency proceedings (i.e., equivalent to Chapter 11 under the U.S. Bankruptcy Code) in the Neustadt an der Weinstrasse, Germany Insolvency Court (the “Insolvency Court”) seeking relief under the German Insolvency Code (the “Insolvency Code”). SPG filed motions with the Insolvency Court seeking authorization to continue to operate its business as a “debtor-in-possession” under the jurisdiction of the Insolvency Court and in accordance with the applicable provisions of the Insolvency Code and orders of the Insolvency Court. Effective as of the Filing Date, the Company no longer controlled SPG and, therefore, no longer included SPG in its consolidated financial statements. Prior to the Filing Date, SPG was included in the Company’s consolidated financial statements.

On November 21, 2023, upon the request of the managing directors of SPG, the Insolvency Court ordered the withdrawal from the preliminary self-administrative insolvency proceedings and the continuation in preliminary ordinary proceedings (equivalent to Chapter 7 under the U.S. Bankruptcy Code). On December 1, 2023, the Insolvency Court passed a resolution to terminate the preliminary phase and to open ordinary insolvency proceedings with respect to SPG. These actions had no impact on the Company’s consolidated financial statements due to the previously mentioned deconsolidation effective August 31, 2023.

As of March 31, 2024 and December 31, 2023, the Company's receivable due from the SPG bankruptcy estate was $14.5 million and $15.3 million, respectively, and the associated allowance was $13.8 million and $14.8 million, respectively. The resulting net receivable as of March 31, 2024 and December 31, 2023 was $0.7 million and $0.5 million, respectively, which has been included in other noncurrent assets in the Company’s condensed consolidated balance sheet.