NOVI, Mich. -- Cooper-Standard Holdings Inc. has officially emerged from bankruptcy.

The company raised exit financing proceeds from a $450 million offering of unsecured 8-1/2 percent senior notes due 2018. The new senior notes were originally issued on May 11 by CSA Escrow Corp., an indirect, wholly-owned non-debtor subsidiary of the company. In connection with the company's emergence from bankruptcy protection, CSA Escrow Corp. has been merged into Cooper-Standard Automotive Inc., and the proceeds from the notes offering have been released from escrow.

"Emergence from Chapter 11 represents the final milestone in the reorganization process and marks a new beginning for the company," said James McElya, chairman and CEO. "The company has emerged with an exceptionally strong balance sheet that will enable us to maintain our leadership position and grow in the industry. Our exit from bankruptcy in less than 10 months is a testament to the diligent efforts of our employees and reflects the tremendous support and cooperation of our customers, suppliers and investors. We look forward to the opportunity to once again focus our full attention on our business and our commitment to our customers."

The company's balance sheet has been significantly deleveraged as a result of the bankruptcy cases. The company's $175 million debtor-in-possession financing facility and approximately $658.4 million of claims under its pre-petition credit facility have been paid in full in cash. The company's funded debt balance is now approximately $480 million, a reduction of more than $650 million from pre-petition levels.

Also effective with the company's emergence from Chapter 11, the company's board of directors was reconstituted pursuant to the plan. The board is now composed of returning members James McElya, Stephen Van Oss and Kenneth Way, and new members Glenn August, Orlando Bustos, Larry Jutte and David Mastrocola. The company's existing management team continues to lead the company.

"Our management team is a tremendous asset to the company, and we are excited to continue to manage the company with the challenges of Chapter 11 behind us," said McElya. "The new board of directors is comprised of both returning and new members, reflecting a diverse group with impressive backgrounds positioned to effectively guide the company."

The company's Canadian subsidiary, Cooper-Standard Automotive Canada Limited, also has emerged from bankruptcy protection in Canada. Cooper-Standard Automotive Canada Limited sought relief under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Toronto, Ontario, Canada on Aug. 4, 2009, and its plan of compromise or arrangement was sanctioned on April 16.