Davis Polk Advises Barclays Capital and Silver Point Capital

Advises on Deal in Connection with Equity Investment to Fund Cooper-Standard Automotive’s Emergence from Chapter 11
10 April 2010 –
Davis Polk & Wardwell LLP is advising Barclays Capital, Inc. and Silver Point Capital, L.P. in connection with Cooper-Standard Holdings Inc.’s proposed Chapter 11 plan of reorganization and related equity commitment agreement. Cooper-Standard Holdings Inc., through its subsidiary Cooper-Standard Automotive Inc., is a leading global supplier of systems and components for the automotive industry.

Pursuant to the terms of the equity commitment agreement, dated March 19, 2010, Barclays Capital, Silver Point Capital and certain other holders of Cooper-Standard’s outstanding senior notes and senior subordinated notes have agreed to make a direct investment in common stock, preferred stock and warrants of Cooper-Standard and to backstop a common stock rights offering that will be made to eligible holders of Cooper-Standard’s senior subordinated notes. The aggregate gross proceeds to Cooper-Standard will be $355 million. The rights offering will be effectuated through a proposed Chapter 11 plan of reorganization, which rights offering was approved by the United States Bankruptcy Court for the District of Delaware.

The Davis Polk corporate and restructuring team includes partners Christopher Mayer, Alan Dean and Timothy Graulich and associates Brian M. Resnick, Ajay B. Lele, Brian Rooder and Brian Wolfe. Partners Barbara Nims and Jean M. McLoughlin and associate Ron M. Aizen are providing employment and benefits advice. Counsel Betty Moy Huber and associate Hayden Baker are providing environmental advice. Partner Paul W. Bartel II and counsel Stephen M. Pepper are providing antitrust advice. Partner Kathleen L. Ferrell is providing tax advice. All members of the Davis Polk team are based in the New York office.

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