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Maxim Crane Works' reorganization confirmed by court
By Jeff Pines
Washington, Dec. 31 - Maxim Crane Works' reorganization plan was confirmed by the U.S. Bankruptcy Court for the Western District of Pennsylvania Thursday.
Maxim's pre-petition senior lenders will get an estimated recovery of 90% by getting 88% to 90% of the reorganized company's common stock. Its term B pre-petition lenders will get an estimated recovery of 43.2% by receiving 10% to 12% of the common stock and warrants to buy stock. Holders of the old operating company's notes will get an estimated recovery of 1% by receiving warrants to buy a 2% stake in the company.
Maxim, legally known as ACR Management LLC, filed for bankruptcy on June 14, 2004. Its Chapter 11 case number is 04-27848.
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