Manitowoc to try to amend loan in second quarter to revise covenants

By Sara Rosenberg

New York, May 1 - Manitowoc Co. Inc. plans on seeking an amendment to the financial covenants under its credit facility during the second quarter, according to a news release.

The company said that the decision to try to amend is a result of the lower-than-expected proceeds from the sale of the Enodis ice-machine operations combined with lower projected earnings.

Management has been communicating with numerous members of its bank group to keep them informed of the situation, and formal negotiations are expected to begin shortly.

Manitowoc is a Manitowoc, Wis.-based manufacturer and seller of cranes and related products, and foodservice equipment.

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