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Cooper Standard Considers Refinancing Capital Structure

The company has retained Goldman Sachs as financial adviser to assist with refinancing its capital structure.

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Cooper-Standard Holdings Inc. announced it has retained Goldman Sachs & Co. LLC as financial adviser to assist the company in analyzing and evaluating potential alternatives for refinancing its capital structure.

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As of March 31, Cooper Standard had total liquidity of $395.6 million, including availability under the company’s amended senior asset-based revolving credit facility. Additionally, subsequent to the end of the first quarter, the company received $51 million in cash payments from the United States Internal Revenue Service for tax refunds related to net operating loss carrybacks made available by the CARES act. 

Based on current expectations for light vehicle production and customer demand for its products, the company says it expects its current liquidity position will provide sufficient resources to support ongoing operations and the execution of planned strategic initiatives for the foreseeable future.

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