Maxim Crane gets interim approval for $70 million debtor-in-possession financing

By Jeff Pines

Washington, June 17 - ACR Management LLC, which does business as Maxim Crane Works, obtained interim approval for a $70 million debtor-in-possession facility, according to a filing Wednesday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

Fleet National Bank is the co-arranger and administrative and collateral agent. Goldman Sachs Credit Partners LP is the co-arranger. Both were pre-petition lenders, agents and arrangers to the Pittsburgh-based crane rental firm.

The $70 million includes a $35 million letter-of-credit sub-facility. The interest rate will be Libor plus 350 basis points. ACR also agreed to pay the agent a 100 basis point DIP financing fee of the interim maximum borrowing amount of $25.51 million.

The carve-out for fees and expenses is up to $4 million.

The facility matures on the earliest of an effective date for a reorganization plan, a default, payment in full of all DIP obligations or March 1, 2005.

A final hearing on the DIP facility is scheduled for July 1.

ACR filed for bankruptcy on June 14. Its Chapter 11 case number is 04-27848.

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