TNT Crane gets approval to obtain $45 million in DIP financing

By Sarah Lizee

Olympia, Wash., Sept. 22 – TNT Crane & Rigging, Inc. received final approval to obtain $45 million in debtor-in-possession financing, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company also received approval to use cash collateral.

As previously reported, the company secured commitments from some of its first-lien lenders for the DIP financing, which, in addition to normal operating cash flows, will help fund the bankruptcy process and ensure the company is able to operate during those proceedings.

Wilmington Savings Fund Society, FSB is the administrative agent and collateral agent.

The facility will mature on the earliest of six months from the bankruptcy filing date, acceleration of the loans, the effective date of a Chapter 11 plan, the closing of a sale of all or substantially all of the company’s assets, termination of the commitments, conversion of the Chapter 11 cases or appointment of a trustee, examiner or receiver.

Upon emergence, TNT said it will recapitalize and gain new liquidity in the form of a new $225 million term loan provided by its first-lien lenders.

TNT Crane is a Houston-based provider of lifting services and equipment to customers in the energy and industrial infrastructure end markets. The company filed Chapter 11 bankruptcy on Aug. 23 under case number 20-11982.

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