TNT Crane & Rigging pre-packaged plan of reorganization confirmed

By Sarah Lizee

Olympia, Wash., Oct. 2 – TNT Crane & Rigging, Inc. received confirmation of its amended joint pre-packaged plan of reorganization on Thursday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the pre-packaged plan is based on a restructuring support agreement with the significant majority of holders of its first-lien and second-lien secured loans, along with other supporting parties.

Under the plan, general unsecured creditors will remain unimpaired.

First-lien lenders will receive a share of $100 million in total principal amount of term loans under an exit take-back term loan facility and 12,125,000 class A units of new common stock, representing 97% of the equity of the reorganized company before dilution by any new management incentive plan and new warrants.

Second-lien lenders will receive a share of 375,000 class A units and new warrants to acquire 5% of the new common stock, subject to dilution by the management incentive plan.

Holders of sponsor loan claims will receive new warrants to acquire 1% of the new common stock, subject to dilution by the management incentive plan.

Existing equity interests in the parent debtor will be cancelled and discharged for no consideration.

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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