TNT Crane & Rigging emerges from Chapter 11 bankruptcy

By Taylor Fox

New York., Oct. 16 – TNT Crane & Rigging, Inc. and its affiliates announced that the company and certain of TNT Crane’s subsidiaries have emerged from Chapter 11 bankruptcy protection, completing a transaction that has strengthened its balance sheet and best positions TNT for future success, according to a news release.

The emergence marks the implementation of TNT’s pre-packaged plan of reorganization, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on Sept. 30.

TNT completed its restructuring in just over five weeks.

TNT emerges from its restructuring as a private company with a new ownership group, recapitalized with a new $225 million term loan.

Simpson Thacher & Bartlett LLP and Young Conaway Stargatt & Taylor, LLP are legal co-counsel.

Miller Buckfire & Co., LLC and Stifel, Nicolaus & Co., Inc., are financial advisers and investment bankers.

FTI Consulting, Inc. is financial adviser.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.