- Revenues decreased 8.4% in Q1 due to lower production volumes. EBITDA declined from 39M USD to almost zero mainly due to inflation.
- The company carries more than 1Bn USD in debt mainly composed of two notes and a term loan.
- In a pessimistic scenario, the company has enough liquidity to last till Q3 of 2023.
- The company wants to refinance its capital structure. The best option would be to sell the non-US operation and buy some of the 2026 notes.
- This became a distressed situation pretty quick. I recommend a very small exposure here as I still see a turnaround.
For further details see:
Cooper-Standard Has 4 Tough Alternatives In Attempt To Save Itself