10.01.2005

Maxim Crane cleared to emerge from chapter 11

The U.S. Bankruptcy Court has confirmed Maxim Crane Works’ plan of reorganisation, clearing the way for the worlds largest crane hire company to emerge from Chapter 11 protection.

Maxim’s consolidated debt will be around $280 million when it exits chapter 11, compared to $700 million of debt when it filed for bankruptcy in June of last year.

The company added that once it emerges, expected to be early this year, Maxim will enter into a $50 million revolving credit facility to be provided by Goldman Sachs. “This exit financing will provide the company with sufficient liquidity to continue to meet our financial requirements and grow our business in the coming years,” said Maxim CEO Art Innamorato.

“The acceptance of the plan is attributable to the loyalty of our customers, the professionalism and dedication of our employees, and the commitment and support of our creditor groups. We accomplished what we set out to do at the outset of our Chapter 11 restructuring just six months ago.” Innamorato said

The Maxim fleet includes cranes, aerial work platforms and telescopic handlers.