Reorganization Plan Approved for Maxim Crane
January 12, 2005—The U.S. Bankruptcy Court confirmed a reorganization plan for Maxim Crane Works,
Upon emergence, Maxim Crane's consolidated debt will be approximately $280 million, as compared to approximately $700 million of debt at the time of the filing, just six months ago. “We have substantially decreased our long-term debt while continuing to provide our customers with the highest possible levels of safety and service in the heavy equipment rental industry," said Art Innamorato, CEO.
Maxim Crane also announced that it will enter into a $50 million revolving credit facility to be provided by Goldman Sachs, the company's current lenders. "This exit financing will provide the Company with sufficient liquidity to continue to meet our financial requirements and grow our business in the coming years," said. Innamorato.
The Company expects to emerge from Chapter 11 early this year.
